One more Trouble for HDFC Bank CEO! Sashidhar Jagdishan Named in Rs.6 Crore Fraud Complaint in Nagpur
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Nagpur: HDFC Bank’s Managing Director and CEO, Sashidhar Jagdishan, is facing serious allegations of financial misconduct in a fresh case, even as he is already involved in a separate fraud case related to Lilavati Kirtilal Mehta Medical Trust, which operates Mumbai’s famous Lilavati Hospital.
In this new case, the Economic Offences Wing (EOW) of the Nagpur Police has started an investigation against Jagdishan and other senior bank officials. They are accused of siphoning off ₹6 crore from the account of a Nagpur-based trader named Narendra Singru.
According to Ashutosh Ranjan, the lawyer representing Mr. Singru, the issue began around three years ago when the Dhantoli branch of HDFC Bank took a ₹6 crore bond from Mr. Singru. The bank allegedly invested this money in foreign entities, including companies based in Bahrain, without clearly informing the account holder about the risks involved.
Ranjan claims that the bank never issued any warnings and, over time, drained the entire balance, leaving the account at zero. The complaint accuses the bank of misappropriating funds and intentionally carrying out the process to steal the money.
“It is a clear case of financial fraud. The bank did not tell my client about the risks, and his entire investment was lost. This was done deliberately,” Ranjan said, demanding strict legal action against the bank officials involved.
Officials Named in the Complaint
Apart from Sashidhar Jagdishan, the complaint also names:
- Komal Gupta, Regional Head
- Ashish Nichani, Associate Director
- Yash Gajaria, Relationship Manager
All three are senior officials of HDFC Bank and allegedly had a role in the transaction. Mahak Swami, Deputy Commissioner of Police (EOW), Nagpur City, confirmed that the complaint had been received.
“We have just received the complaint. The matter is under inquiry and investigations are on,” she said.
This case has added new issues for HDFC Bank MD&CEO Sashidhar Jagdishan. The earlier issue has not yet been resolved. Fourth Bombay High Court Judge has Recused from Hearing HDFC Bank CEO Sashidhar Jagdishan’s Bribery Case. Let’s see what happens next.
