US EditionHDFC Bank Rejects Allegations of Lilavati Trust Against Its CEO Terming It Baseless, Malicious
- On June 8, 2025, Lilavati Kirtilal Mehta Medical Trust in Mumbai filed an FIR accusing HDFC Bank CEO Sashidhar Jagdishan and seven former trustees of embezzling Rs 1,250 crore from the Trust.
- This event stems from a longstanding dispute between families controlling the Trust, including a 2023 court decision awarding control to Kishore Mehta's family amid past forgery allegations dating back to 2002-03.
- The Trust accuses Jagdishan of misusing his position by offering a bribe of Rs 1.5 crore, falsely labeled as a CSR contribution, to hospital personnel in an attempt to conceal evidence, and warns that his actions pose a threat of witness intimidation and interference with institutional processes.
- HDFC Bank strongly denied the allegations as "baseless and malicious," claiming they aim to obstruct recovery of substantial outstanding loans owed by Prashant Mehta and family, backed by legal advice.
- The conflict has resulted in multiple FIRs, legal battles including calls for Jagdishan's suspension, and may affect the Trust's governance and public confidence in banking oversight in India.
16 Articles
16 Articles
HDFC Bank stock to be in focus after Mehta family's FIR against CEO over Lilavati Trust allegations
HDFC Bank shares will be in focus of stock market investors on Monday, 9 June 2025, after the Mehta family filed an FIR against CEO Sashidhar Jagdishan on Sunday. Shares closed higher after Friday's stock market session.
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HDFC Bank confronts legal challenges from the Mehta family over a longstanding loan default, amidst allegations and retaliatory claims. Despite recovery efforts, Rs 65.22 crore remains unpaid, leading to criminal complaints against HDFC's executives. The bank rejects the allegations and reaffirms its commitment to ethical governance.
‘Baseless and Malicious’: HDFC Responds to Lilavati Trust’s Financial Fraud Allegations Against Bank MD and CEO Sashidhar Jagdishan | 📰 LatestLY
HDFC Bank has strongly denied allegations made by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) which called for the suspension and prosecution of bank’s Managing Director and CEO, Sashidhar Jagdishan, in an alleged financial fraud, which the bank termed as 'baseless and malicious'. 📰 ‘Baseless and Malicious’: HDFC Responds to Lilavati Trust’s Financial Fraud Allegations Against Bank MD and CEO Sashidhar Jagdishan.
Banking Fraud and Regulatory Action: Lessons from HDFC’s Controversies
Banking fraud is an unfortunate reality in the financial sector, and even India’s leading private-panel institutions like the HDFC group have had to confront serious allegations. From multi-crore fund misappropriation claims to internal fraud by bank employees—and even regulatory actions that halted new digital initiatives—the HDFC saga provides important insights into the challenges of maintaining robust financial integrity. Major Cases of Frau…
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