Mumbai (Maharashtra) [India], June 9 (ANI): Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has called for the immediate suspension and prosecution of Managing Director and CEO of HDFC Bank, Sashidhar Jagdishan, alleging that the latter was directly involved in “serious financial fraud, criminal conspiracy, abuse of fiduciary position, evidence tampering, and obstruction of justice.”
The trust has filed an FIR against HDFC Bank’s MD and CEO.
According to an exchange filing by HDFC Bank on Sunday evening, in 2001, Splendour Gems Limited, owned by the Mehta family, defaulted on loan facilities granted in 1995 by HDFC Bank and the other consortium banks. The private lender informed stock exchanges that it vows to continue all lawful remedies to recover the dues from the defaulter.
According to the private lender, the outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as of May 31, 2025.
“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 in nature and have malafide intention solely at evading repayment of long-standing dues. HDFC Bank unequivocally “rejects and strongly condemns the malicious and baseless allegations levelled and maintains that these allegations are completely false, outrageous and constitute a gross misuse of the legal process. HDFC Bank firmly believes that “these actions (by Mehta family) are a deliberate attempt to obstruct and undermine legitimate recovery proceedings related to substantial long-outstanding dues owed by Splendour Gems Limited,” the bank said in its filing on Sunday.
“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.
Earlier in a statement on June 7, the Trust claimed that the FIRs against the HDFC Bank MD and CEO were not based on allegations alone but were substantiated. The Trust alleged that the Bank officials seized cash ledgers and handwritten diaries, email trails showed bribery attempts, misuse of CSR funds to bribe hospital staff, and internal banking records and forged payment vouchers.
“This is not a private feud or a commercial misunderstanding. This is a deeply rooted criminal betrayal of fiduciary obligations, charity law, public money, and the rule of law. Mr. Sashidhar Jagdishan has abused his institutional position not only to suppress truth but to subvert justice. We seek his immediate removal to restore faith in India’s banking and legal systems,” said Prashant Kishor Mehta, Permanent Trustee of LKMM Trust. (ANI)
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