An FIR has been filed against HDFC Bank’s MD and CEO for alleged financial fraud involvement, which the bank denies. Mehta family’s default on a bank loan in 1995 was said to be the source of the complaints against Sashidhar Jagdishan. He got a letter through Lilavati Kirtilal Medical Trust from the Mehta family. HDFC Bank’s spokesperson states Jagdishan is targeted by individuals abusing the legal process to avoid repaying the overdue loan.
HDFC Bank responded to these allegations by stating, “In response to ongoing recovery proceedings, the Mehta family initiated multiple legal actions and complaints against HDFC Bank and its officials. All these matters are either dismissed or are being faced in legal battles, such as criminal complaints and regulatory representations. HDFC Bank believes these allegations are retaliatory and intended to evade repayment of dues.”
The bank added, “Having exhausted all legal avenues, these individuals have resorted to personal attacks against HDFC Bank’s MD and CEO to malign their reputation and intimidate the bank into stopping recovery actions. These actions seem a distraction from their own failures.”
Sashidhar Jagdishan is the MD and CEO of HDFC Bank, one of India’s largest private lenders, having taken over on October 27, 2020, from Aditya Puri. The Mehta family, with the help of the Lilavati Kirtilal Medical Trust, claims that he took part in financial fraud.
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His re-appointment as MD & CEO was approved by the RBI, allowing him to serve until October 26, 2026. An HDFC Bank spokesperson stated Jagdishan is targeted by individuals misusing legal processes to obstruct recovery of the overdue loan.
