logo
HDFC Bank shares in focus after CEO named in alleged fraud linked to Lilavati Trust

HDFC Bank shares in focus after CEO named in alleged fraud linked to Lilavati Trust

Time of Indiaa day ago

HDFC Bank shares
are likely to be in focus on Monday after its Managing Director and CEO,
Sashidhar Jagdishan
, was named in a police complaint filed by the Mehta family through the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which manages Mumbai's Lilavati Hospital.
The complaint alleges that Jagdishan received Rs 2.05 crore from a former trustee of the LKMM Trust to harass the father of a current trustee. According to a report by NDTV Profit, the FIR was filed following a court order dated May 30 2025, directing police to investigate charges of financial fraud.
The Mehta family claims that this payment is recorded in a handwritten diary, which has been submitted as evidence. They also alleged in court that other key evidence may have been destroyed by former trustees. The court found grounds for the FIR and directed authorities to proceed with the investigation.
Also Read:
Dixon Technologies, LIC Housing Finance among 10 mid-cap stocks analysts expect to gain up to 40%
In an official statement issued on Sunday, HDFC Bank strongly denied the allegations, calling them "malicious," "baseless," and a 'gross misuse of the legal process.'
'These allegations are completely false, outrageous, and constitute a deliberate attempt to derail the bank's ongoing loan recovery efforts,' the statement said.
The bank clarified that the complaint relates to an old loan recovery case involving Splendour Gems (formerly Beautiful Diamonds), a company promoted by the Mehta family. HDFC Bank stated that dues from the firm stood at Rs 65.22 crore as of May 31 2025, and a recovery certificate was issued by the Debt Recovery Tribunal (DRT) in 2004.
The bank added that members of the Mehta family have filed multiple legal and criminal complaints in response to recovery proceedings. Most of these complaints, it said, have either been dismissed or are currently under legal challenge.
The complaint against Jagdishan comes amid a broader dispute within the Mehta family—descendants of Kishor Mehta and Vijay Mehta—over control of the LKMM Trust. In 2023, the Kishor Mehta faction took control after a prolonged
legal battle
and initiated a forensic audit.
According to NDTV Profit, the audit allegedly uncovered
financial irregularities
, including a suspected diversion of Rs 1,200–1,500 crore and unverified claims of occult practices at the hospital. Former trustees have denied all allegations.
Kishor Mehta was also the promoter of Beautiful Diamonds. In 2004, the DRT had ordered Mehta and his son Rajesh Mehta to repay Rs 14.74 crore to HDFC Bank. In 2020, the tribunal ordered their arrest and imposed travel and asset restrictions, which were later put on hold by the Bombay High Court.
In 2024, the High Court observed that the harassment allegations made by the Mehtas appeared to be an attempt to delay repayment.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Starlink Price In India: Elon Musk May Launch Satcom Plans At Rs 3,000-4,200 Per Month, Says Report
Starlink Price In India: Elon Musk May Launch Satcom Plans At Rs 3,000-4,200 Per Month, Says Report

News18

time43 minutes ago

  • News18

Starlink Price In India: Elon Musk May Launch Satcom Plans At Rs 3,000-4,200 Per Month, Says Report

Last Updated: Elon Musk's Starlink might commence operations in India within the next two months after receiving its licence last week. Even as Elon Musk-owned Starlink has received a licence for satellite communication (satcom) services in India, speculations are rife about its prices in the country. According to the latest report by Business Standard citing sources, Starlink is expected to launch its services at monthly subscription charges between Rs 3,000 and Rs 4,200. Its kit, which includes a satellite dish and a Wi-Fi router, is also likely to be at about Rs 33,000. This is in contrast with the recent reports that indicated that Starlink is expected to debut in India with promotional unlimited data plans priced below $10 per month – nearly Rs 850. Earlier estimates had suggested Rs 3,000-Rs 7,000 per month. These are the speculations, and the exact official prices are yet to be known. According to the BS report, Starlink has so far prices its services at two-three times of traditional telcos in both high-income countries like the US and developing markets like Kenya or Nigeria. 'The company doesn't have much gain by dropping the price to attract more customers as internet capacity from satellite will remain capped," the report said citing people in the know. High-Speed Internet for Remote India Starlink operates a constellation of low Earth orbit (LEO) satellites positioned just 550 km above the Earth – significantly closer than traditional geostationary satellites – enabling faster, low-latency internet access. The system has already been deployed in over 70 countries and aims to expand to the most remote and disaster-prone regions globally. SpaceX has already deployed approximately 7,000 LEO satellites globally and aims to increase this to over 40,000, enabling internet access even in the most remote and challenging terrains – from conflict zones to disaster-stricken areas. When Will Starlink Satellite Communication Services Start in India? Elon Musk-owned Starlink has received a licence for satellite communication (satcom) services in India. It comes after the government last month had issued a letter of intent (LoI) to the entity. Before launching its services, Starlink still needs approval from the Indian National Space Promotion and Authorisation Centre (IN-SPACe) and must be allocated spectrum by the government. According to a PTI report, Starlink will be granted trial spectrum within about two weeks. According to an ANI report citing sources, Starlink is preparing to commence operations in India within the next two months after receiving its licence last week. Starlink's hardware will be available at retail outlets of telecom operators Bharti Airtel and Reliance Jio. In April, Starlink signed pacts with Reliance Jio and Bharti Airtel, which together control more than 70 per cent of the country's telecom market, to bring the US satellite internet giant's services to India. Starlink has become the third company to secure a satcom licence from the Department of Telecommunications (DoT), after Eutelsat's OneWeb and Reliance Jio.

Bengaluru gold smuggling case: After ED and CBI probes, Kannada actor Ranya Rao now faces I-T investigation
Bengaluru gold smuggling case: After ED and CBI probes, Kannada actor Ranya Rao now faces I-T investigation

Indian Express

time44 minutes ago

  • Indian Express

Bengaluru gold smuggling case: After ED and CBI probes, Kannada actor Ranya Rao now faces I-T investigation

The Income Tax (I-T) department will investigate the wealth of Kannada actor Ranya Rao, who was arrested in a gold smuggling case, with a special court for economic offences in Bengaluru Monday allowing its application to question her in prison. The special court dismissed the objections raised by Rao's lawyer and permitted the I-T department to question her in prison from 10 am to 5 pm between June 11 and June 13. The assistant director of I-T (Investigations) applied last week seeking court permission to record the statement of Rao, 33, at the Bengaluru Central Prison regarding her earnings from alleged gold smuggling activities. The I-T department argued that the actor, who was arrested on March 3 from the Bengaluru International Airport for smuggling 14.2 kg of gold worth Rs 12.56 crore, was involved in the smuggling activity by using resources generated from 'unexplained sources and cash'. It sought to probe the unexplained sources by recording her statement in prison over a three-day period. B S Girish, the counsel for Rao, argued that the provisions of the Customs Act and the I-T Act are distinct, and so she cannot be compelled to give a statement under the provisions of the I-T Act, which would be contrary to Article 22 of the Constitution. The special public prosecutor of the I-T department, however, argued that I-T authorities are empowered to investigate and that she needs to be probed about the huge cash she allegedly mobilised and circulated for acquiring and selling gold from Dubai. 'The objections of the accused No.1 as to the statement U/s.131(1) of the Act is contrary to Article 22 of the Indian Constitution cannot be accepted as the Act very much permits the recording of statement as a part of investigation, in view of the applicant being vested with powers of a civil court,' the special court ruled Monday. 'The other objections as to the Customs Act and IT Act being distinct enactments in itself will not come in the way to permit the applicant/Department to investigate into the allegations against the accused No.1 on the basis of credible information,' the special court said. Ranya Rao gold smuggling case timeline On May 3, The Directorate of Revenue Intelligence (DRI) arrested Rao from the airport on her arrival from Dubai with concealed on her body. On March 9, the DRI arrested Telugu actor Tarun Konduru, a US passport holder, after he was identified as an alleged accomplice of Rao in the gold smuggling racket. On March 26, the DRI arrested Sahil Jain, 27, a hawala dealer and associate of Rao, who allegedly received the gold smuggled by the actors and transferred funds through the hawala route to Dubai for the purchase of more gold. The DRI alleged that Jain played a central role in disposing of 49.6 kg of gold worth Rs 40.13 crore, smuggled from Dubai by Rao, between November 2024 and February 2025. It also claimed that Jain transferred Rs 39.39 crore of Rao's earnings to Dubai. Rao is the stepdaughter of the senior Karnataka IPS officer K Ramachandra Rao. She is alleged to have used airport protocol services available to her father to escape customs checks and detection at the Bengaluru airport on arrival from Dubai. The DRI also alleged that Rao and her associates smuggled 100 kg of gold in the 2024-25 period. It said Jain is part of a sophisticated smuggling network operating in India and abroad. A prosecution complaint was filed against him by the agency in a Kolkata court on March 5, 202, in a case involving the smuggling of 41.64 kg of gold. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are also investigating the gold smuggling case from criminal and money laundering angles and have registered cases. The ED recently carried out searches on properties, including offices of an education trust belonging to Karnataka Home Minister G Parameshwara on the grounds that there had been monetary transactions between the trust and Rao. The trust, headquartered in Tumakuru in Karnataka, is alleged to have made a payment of Rs 40 lakh towards her credit card bills. Courts in Bengaluru granted Rao, Konduru, and Jain statutory bail after the DRI failed to file prosecution complaints (chargesheets) against them within 60 days of their arrest. However, the accused trio remain in prison on account of the Union Department of Revenue invoking the Conservation of Foreign Exchange and Prevention of Smuggling Activities (COFEPOSA) Act, 1974, against them on April 22. The COFEPOSA Act allows the preventive detention of persons for a period of up to one year. Last month, her mother H P Rohini filed a habeas corpus plea in the Karnataka High Court over the continued detention of her daughter. The matter was, however, adjourned by two weeks on June 3 after the court was informed that the advisory panel for confirming the COFEPOSA detention order of Rao was yet to meet.

Honeymoon murder in Meghalaya: Kangana Ranaut calls Raja Raghuvanshi's wife Sonam ‘dumb', says, ‘how absurd a woman can't say no to…'
Honeymoon murder in Meghalaya: Kangana Ranaut calls Raja Raghuvanshi's wife Sonam ‘dumb', says, ‘how absurd a woman can't say no to…'

Indian Express

time44 minutes ago

  • Indian Express

Honeymoon murder in Meghalaya: Kangana Ranaut calls Raja Raghuvanshi's wife Sonam ‘dumb', says, ‘how absurd a woman can't say no to…'

The recent murder case of Raja Raghuvanshi while he was on his honeymoon in Meghalaya has caused a storm on the internet. BJP MP-actor Kangana Ranaut has reacted to the Meghalaya Honeymoon murder case on social media, penning a long note. She called Raja's wife Sonam Raghuvanshi 'dumb' and mentioned that the murder is 'cruel, heinous, and cold-blooded'. Taking to her Instagram Stories, she called the incident 'cruel' and wrote, 'How absurd is this!! Woman can't say no to marriage because she is scared of her own parents but she can plan a cold-blooded murder with supari killers. This has been on my mind since morning but not able to wrap my head around it!!! Uuffff getting a headache now!! She couldn't even divorce or run away with her lover.' The actor added, 'How cruel, heinous and above all absurd and dumb. Dumb people should never be taken lightly. They are the biggest threat to any society… We often laugh at them and think they are harmless but it's not true. Intelligent people may damage others for their own good but remember a dumb person has no idea what they are doing !!! Be aware very aware of dumbness around you.' ALSO READ | Meghalaya honeymoon murder: Sonam Raghuvanshi claims she was drugged, say UP Police Check out her Story: Raja and Sonam were reported missing on May 23 while they were on their honeymoon in Meghalaya. However, it turned into a murder investigation after Raja's body was found in a gorge near the Weisawdong waterfalls on June 2, even as Sonam remained missing. The Meghalaya Police suspected that Sonam had allegedly hired killers to kill her husband. Officers from the Madhya Pradesh Police's Crime Branch told The Indian Express that Raj Kushwaha, the 21-year-old who is also suspected of conspiring with Sonam Raghuvanshi to murder her husband Raja in Meghalaya, had planned to kill him just days after the couple got married. According to the police, Sonam surrendered before the Nandganj Police Station in Ghazipur district on Sunday night and was later arrested, while Kushwaha was arrested in Indore. As per PTI, there are four other accused besides Sonam – Akash Rajput, Vishal Singh Chauhan, Raj Singh Kushwaha, and Anand. All of them were arrested from various parts of Madhya Pradesh. As per Raj's family, Sonam made the plan for honeymoon in Meghalaya and asked him for Rs 9 lakh for the bookings. She also made him carry expensive jewellery there much against the family's wishes. Sonam, meanwhile, maintains that she was kidnapped and drugged.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store