12-07-2025
Another allegation of financial misconduct against HDFC bank CEO
NAGPUR: Already mired in a case of financial fraud involving the Lilavati Kirtilal Mehta Medical Trust, which runs the Lilavati Hospital in Mumbai, HDFC Bank's managing director and CEO Sashidhar Jagdishan is now facing an allegation of financial misconduct and misappropriation of funds, along with other senior officers of the bank, from a trader based in Nagpur. Another allegation of financial misconduct against HDFC bank CEO
The Economic Offences Wing (EOW) of Nagpur police have initiated an investigation against the senior officers of the bank, including Jagdishan, for siphoning off approximately ₹6 crore from the account of Narendra Singru, a Nagpur-based trader.
According to a complaint filed by Singru's lawyer, Ashutosh Ranjan, the Dhantoli branch of HDFC Bank had taken a bond of ₹6 crore from Singru nearly three years ago and invested it in overseas agencies, including entities based in Bahrain. The complaint alleges that the bank failed to disclose the risks associated with the investment and eventually reduced the account balance to zero, without informing the account holder.
Ranjan claimed that the entire process was executed with the intent to steal the invested amount. 'It is a clear-cut case of financial fraud. The bank never warned my client of the associated risks, and the funds were deliberately drained,' he said, demanding strict action against the responsible officials.
Others named in the complaint include, Komal Gupta (regional head), Ashish Nichani (associate director), and Yash Gajaria (relationship manager) of HDFC Bank.
Deputy commissioner of police (EOW), Nagpur city, Mahak Swami confirmed that the complaint was received by the department. 'We have just received the complaint. The matter is under inquiry and investigations are on,' she said.
