
HDFC Bank MD & CEO named in alleged fraud linked to Lilavati Trust: What are allegations?
Troubles seem to be mounting for
HDFC Bank
's Managing Director and CEO Sashidhar Jagdishan, as he has been named in a first information report (FIR) filed by Mumbai Police, following a Magistrate court order.
The complaint, initiated by the
Lilavati Kirtilal Mehta Medical Trust
(LKMMT), alleges Jagdishan received Rs 2.05 crore to harass the father of a current trustee. However, HDFC Bank has denied all charges, calling them baseless and part of a deliberate attempt to derail ongoing loan recovery efforts.
What are the allegations against HDFC Bank's boss?
According to a report by NDTV Profit, the FIR stems from a court order dated May 30, 2025, directing police to investigate charges of alleged financial fraud. The complaint alleges that Jagdishan received Rs 2.05 crore from a former member of the LKMM Trust.
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This payment was allegedly meant to harass the father of one of the current trustees.
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HDFC Bank to take legal action after fraud allegations against CEO Sashidhar Jagdishan
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The transaction is claimed to be recorded in a handwritten diary, now submitted as evidence by the current members of the trust.
The trust also claimed in court that most other evidence in the matter may have been destroyed by the previous trustees. The court found the conditions to file a complaint were satisfied and directed the police to proceed with an investigation.
What Is HDFC Bank's response?
In an official press release, HDFC Bank on Sunday said, 'HDFC Bank unequivocally rejects and strongly condemns the malicious and baseless allegations... These allegations are completely false, outrageous, and constitute a gross misuse of the legal process.'
The Bank clarified that the complaint is linked to an old loan recovery case involving
Splendour Gems Limited
(earlier known as Beautiful Diamonds Limited), a firm owned by the Mehta family.
HDFC Bank disclosed that the outstanding dues from the company stood at Rs 65.22 crore as of May 31, 2025, including interest. A recovery certificate for the same was issued by the Debt Recovery Tribunal (DRT) as far back as 2004.
HDFC Bank said that members of the Mehta family have responded to recovery proceedings by filing multiple legal and criminal complaints against the bank and its officials. These complaints, the bank said, were either dismissed or are under challenge in appropriate forums.
What is the connection between Lilavati Hospital- Mehta family dispute and HDFC Bank?
The FIR and allegations come amid an ongoing dispute between two factions of the Mehta family, descendants of Kishor Mehta and Vijay Mehta, over control of the LKMM Trust, which runs Mumbai's Lilavati Hospital.
As per NDTV Profit, the Kishor Mehta faction took control of the trust in 2023 after a long legal battle. After assuming control, they launched a forensic audit, which allegedly revealed financial irregularities including a diversion of Rs 1,200–1,500 crore and even unverified claims of black magic rituals at the hospital. Former trustees denied these allegations.
Kishor Mehta was also the promoter of Beautiful Diamonds Ltd., the defaulter entity. In 2004, the DRT had ordered Mehta and his son Rajesh Mehta to pay Rs 14.74 crore to HDFC Bank. In February 2020, the DRT ordered arrest, travel restrictions, and asset seizures against the father-son duo.
However, the Bombay High Court put the arrest order on hold.
In 2024, the High Court said the harassment allegations made by the Mehtas against HDFC Bank were an attempt to delay repayment.

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