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An FIR has been filed against HDFC Bank's MD and CEO, Sashidhar Jagdishan, over his alleged involvement in a series of financial frauds, a claim which has been denied by the bank.
The allegations were brought up by a certain Mehta family that defaulted on a bank loan provided back in 1995, HDFC reportedly said, informing stock exchanges. The Mehta Family has filed a complaint against HDFC Bank's MD and CEO through Lilavati Kirtilal Medical Trust.
According to the HDFC Bank spokesperson, Jagdishan is being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long-outstanding loan due to the bank's recalcitrant defaulters.
How did HDFC Bank respond to these allegations?
"In response to ongoing recovery proceedings, members of the Mehta family have initiated multiple legal actions and complaints against HDFC Bank and its senior officials. These include criminal complaints, minority rights petitions, and representations to regulatory authorities--all of which have been dismissed or are under legal challenge. HDFC Bank firmly believes that these allegations are retaliatory and have a mala fide intention solely to evade repayment of long-standing dues," the bank said in its statement.
"Having exhausted all legal avenues without success, these individuals have now resorted to launching personal attacks against HDFC Bank and its MD and CEO in a clear attempt to malign their reputation and intimidate HDFC Bank into halting its recovery actions. These actions appear to be a calculated distraction from their own failures and liabilities," the bank added.
Who is Sashidhar Jagdishan?
Sashidhar Jagdishan is the Managing Director and Chief Executive Officer (CEO) of HDFC Bank, one of India's largest private-sector lenders. He assumed the role on October 27, 2020, succeeding Aditya Puri.
He is being accused of being involved in several financial frauds by the Mehta family through Lilavati Kirtilal Medical Trust.
His re-appointment as HDFC Bank MD & CEO was recently approved by the Reserve Bank of India (RBI). Now, he will remain HDFC MD for a period of three more years till October 26, 2026.
About the allegations, an HDFC Bank spokesperson said that Jagdishan is being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long-outstanding loan due to the bank from recalcitrant defaulters.
"The Trustee, Prashant Mehta and his family members owe substantial amounts to HDFC Bank, which were never repaid. Recovery and enforcement actions have been taken by the bank over two decades, and at every stage, Prashant Mehta and his other family members have launched numerous vexatious legal actions," HDFC Bank spokesperson Jagdishan said in his statement.
The bank informed the stock exchanges that the outstanding dues towards HDFC Bank, including interest, amount to approximately ₹65.22 crore as on May 31, 2025. Despite a recovery certificate issued by the Debt Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain substantially unpaid, the bank said.
The allegation levelled by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), its trustees and officials against the bank's MD and CEO are baseless and malicious, the HDFC Bank spokesperson said.
Meanwhile, the Trust, which oversees Lilavati Hospital in Mumbai, had called upon the board of HDFC Bank, the RBI, SEBI and the Finance Ministry to suspend Jagdishan from all executive and board roles with immediate effect.
