HDFC Bank Says It Will Take Legal Action Over ‘Baseless’ Fraud Claims

HDFC Bank on Wednesday said it has begun the process of taking legal action against the allegations made by Lilavati Kiritlal Mehta Medical Trust, reiterating its “unequivocal” and “unambiguous” denial of any fraud.

“We are concerned about all our stakeholders and are on the verge of taking strong legal actions as per expert advice, against those who are initiating these baseless allegations with malafide and ulterior motives or involved in propagating the same,” the bank said in a media statement.

Earlier this week, the Trust had accused the bank’s Managing Director and Chief Executive Officer Sashidhar Jagdishan of fraudulent activities related to the Trust’s financials.

The bank said the claims were false, and that neither it nor its MD and CEO had engaged in any illegal, improper, or unethical actions.

“The content, timing, and manner of allegations demonstrate the devious objective of preventing the bank from carrying out its legal mandate of recovery and enforcement,” the bank said, adding that Trustee Prashant Mehta and his family owed substantial dues to the bank.