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HDFC Bank has said that it will explore legal actions in response to allegations made by the Lilavati Kirtilal Mehta Medical (LKMM) Trust for damaging the reputation of Bank and its MD and CEO. Lilavati Trust has asked regulators to suspend and prosecute the bank’s Managing Director and CEO, Sashidhar Jagdishan, in connection with an alleged financial fraud.
The Bank has said that it has obtained comprehensive legal advice and representation in this matter and is committed to exploring all available legal options to defend the reputation of its MD & CEO.
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).
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.
Click here to read full case details
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