HDFC Bank Denies Fraud Allegations Against CEO Sashidhar Jagdishan

HDFC Bank Ltd. denied all fraud allegations made by Lilavati Kirtilal Mehta Medical Trust against its MD and CEO Sashidhar Jagdishan related to the Trust’s financials.

The bank said Jagdishan is being targeted by “unscrupulous persons” misusing legal processes to block recovery of long-overdue loans from defaulters. It said it will take legal action against the Trust.

The Trust had called for Jagdishan’s suspension and prosecution, alleging RBI norm violations, corruption, and breach of trust. It claimed Jagdishan’s continued role risks evidence tampering and witness intimidation.

The Trust filed an FIR after a seized cash diary revealed ₹144.2 million misappropriated by trustees, including ₹20.5 million allegedly received by Jagdishan. It accused the bank of attempting to destroy evidence through a disguised ₹15 million CSR offer.

HDFC Bank called the allegations “baseless and malicious,” noting that Trustee Prashant Mehta and family owe the bank substantial unpaid amounts. The bank said it has legal counsel and will defend Jagdishan’s reputation vigorously.