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Key Points

HDFC Bank has categorically rejected serious allegations of financial fraud leveled by Lilavati Kirtilal Mehta Medical Trust against its Managing Director Sashidhar Jagdishan. The bank claims the accusations are malicious and part of a deliberate attempt to intimidate them during a long-standing loan recovery process. According to HDFC Bank, the Trust and its trustees have consistently failed in legal proceedings and are now resorting to personal attacks. The bank is confident that the judicial process will recognize the fraudulent intentions behind these allegations.

Key Points: HDFC Bank Rejects Lilavati Trust Fraud Allegations Against Jagdishan

  • Bank vehemently denies financial fraud claims by Lilavati Trust
  • Jagdishan's reputation defended through comprehensive legal representation
  • Trust accused of launching mala fide personal attacks
  • Long-standing loan recovery case at the center of dispute
2 min read

Lilavati Trust's allegations against our MD and CEO baseless and malicious: HDFC Bank

HDFC Bank strongly denies Lilavati Trust's accusations of financial fraud against MD Sashidhar Jagdishan, calls allegations baseless

"The allegations made by Lilavati Trust are baseless and malicious - HDFC Bank Statement"

Mumbai, June 8

HDFC Bank has strongly denied allegations made by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) which called for the suspension and prosecution of bank’s Managing Director and CEO, Sashidhar Jagdishan, in an alleged financial fraud, which the bank termed as “baseless and malicious”.

HDFC Bank said it has obtained "comprehensive legal advice and representation in this regard" and will defend its MD and CEO's reputation.

“The allegations made by Lilavati Trust, its Trustees and Officials against the Bank’s MD and CEO are baseless and malicious. The outrageous and preposterous allegations are strongly and categorically denied,” said the bank in a statement.

Lilavati Trust, which oversees a prominent healthcare institution in Mumbai, on Saturday called for the immediate suspension and prosecution of Jagdishan, accusing him of involvement in a series of financial frauds concerning the Trust.

The allegations against Jagdishan stated that one of the erstwhile members of LKMM had paid him Rs 2.05 crore, for the sole purpose of harassing the father of one of the current members of the trust. The petitioners have alleged that the transaction was recorded in a hand written diary. The diary was recovered by the current members.

An HDFC Bank spokesperson said this is a recovery case of the long outstanding loan due to the bank.

"The Trustee, Prashant Mehta and his family members owe substantial amounts to HDFC Bank which were never repaid. Recovery and enforcement actions have been taken by the Bank over two decades and at every stage Prashant Mehta and his other family members have launched numerous vexatious legal actions,” the bank spokesperson further stated.

"Having consistently failed at all levels including the Supreme Court, they have now resorted to the recent mala fide personal attacks on the Bank’s MD & CEO with the sole objective of intimidating and bullying the Bank and its MD & CEO from carrying out the mandate of recovering all outstanding loans in every possible manner permissible under law,” the spokesperson added.

"The Bank is confident that our judicial process will recognise the fraudulent intention and devious objectives of the Trustee and officials of Lilavati Trust of tarnishing the image of the Bank and its MD and CEO," the spokesperson added.

- IANS

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Reader Comments

R
Rahul P.
HDFC Bank has been one of our most trusted financial institutions for decades. These allegations seem like a desperate attempt by defaulters to avoid repayment. Hope the truth comes out soon! 🇮🇳
P
Priya K.
Very concerning if true, but the timing seems suspicious. Why bring up a 20-year-old diary now? HDFC's statement about vexatious litigation makes sense. Courts will decide, but this looks like pressure tactics.
A
Amit S.
As an HDFC customer, I'm worried about my deposits. Banks must maintain highest integrity standards. Hope RBI looks into this matter seriously. No smoke without fire!
S
Sneha M.
Typical rich people fight! One side owes crores, other side making personal attacks. Common people like us suffer when banks get distracted from real work. 😒
V
Vikram J.
The fact that Supreme Court already ruled against the Trust says a lot. These are just delaying tactics by loan defaulters. HDFC should stand firm and recover every rupee that's due!
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Neha R.
Both sides need to be investigated properly. Handwritten diary evidence can't be ignored, but HDFC's track record is good. Let's not jump to conclusions - due process must be followed.

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