FIR Filed Against HDFC Bank CEO Shashidhar Jagdishan by Lilavati Trust

A big news has been reported related to HDFC Bank. The Bandra Police has registered an FIR against Shashidhar Jagdishan, the Managing Director and CEO of HDFC Bank, and seven others in a case involving allegations of cheating, criminal breach of trust, and misuse of trust funds. The case has been filed under Indian Penal Code sections 406, 409, 420, and 34, based on a complaint by Prashant Mehta, a permanent trustee of the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust).

This FIR follows an order passed by a metropolitan magistrate, and this is the first time, the head of a major financial institution in India has been named in such a case.

What Are the Allegations?

According to the FIR and statements made by Prashant Mehta at a press conference, serious financial irregularities and misconduct were allegedly committed by some former trustees of the Trust with support from Jagdishan. The complaint accuses them of:

• Paying ₹2.05 crore in unaccounted cash to Jagdishan, recorded in a seized cash diary.
• Depositing ₹25 crore of Trust funds into an HDFC Bank account without any board resolution or approval.
• Attempting to bribe senior doctors with ₹1.5 crore, disguised as a CSR (Corporate Social Responsibility) donation, to suppress or destroy evidence.
• Forging payment vouchers and misusing CSR funds for personal gain.
• Using institutional influence to protect ousted trustees and suppress important disclosures.
• Subjecting Kishore Mehta, an 84-year-old trustee, to over 100 legal summons.

Mehta claims the allegations are not speculative, but supported by evidence such as seized diaries, email communications, bank records, and other documents.

The complaint and FIR are the latest chapter in a long-running dispute between two factions of trustees at the high-profile Lilavati Hospital in Mumbai. While earlier FIRs had been registered in connection with the dispute, this is the first one to name a high-ranking official from a private bank.

Prashant Mehta, accompanied by Parambir Singh, Executive Director of the hospital and former Mumbai Police Commissioner, said the case is not a personal feud but about “betrayal of fiduciary responsibilities, misuse of charity laws, and subversion of justice.”

What HDFC Bank said?

HDFC Bank has strongly denied all allegations, calling the FIR a malicious attempt to derail a legal loan recovery process. A bank spokesperson stated that Jagdishan is being targeted because the Trust owes the bank over ₹65 crore in unpaid loans.

“This is nothing but an effort to stop loan recovery by intimidating bank officials,” the bank said in a statement. “Having failed to contest the loan claims in court, some individuals are now misusing the Trust’s name to settle personal scores.”

The spokesperson also noted that similar complaints have been filed in the past to delay or prevent legal recovery efforts, and that the bank will defend itself and its executives through appropriate legal channels.

Parambir Singh clarified that the allegations are directed specifically at Jagdishan and not at HDFC Bank as an institution. He reiterated that the charges involve individual misconduct, and not the operations of the bank as a whole.

What Happens Next?

With an FIR now filed, the case is expected to move into the investigation phase, where police will examine the submitted evidence, question involved individuals, and verify claims of financial misconduct. Given the involvement of a senior executive from a major bank, the case is likely to attract national attention in the coming days.

Meanwhile, the internal conflict within the Lilavati Trust continues to grow, with both sides levelling serious accusations and legal battles escalating. The final outcome may have broader implications for how trusts and charitable organisations handle financial oversight and governance in India.

More details will be released soon.