“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,” HDFC Bank said.
| Photo Credit: Reuters
It said unscrupulous persons were abusing the legal process to thwart the recovery of the long outstanding loan due to the Bank from recalcitrant defaulters.
Earlier on Saturday (June 7, 2025), officials and representatives of the trust at a press conference demanded the suspension and prosecution of Mr Jagdishan, for his alleged “direct involvement in serious of financial fraud, criminal conspiracy, abuse of fiduciary position, evidence tampering, and obstruction of justice.”
The Trust which is subject matter of family feud spanning nearly two decades and has secured a lower court order for filing of FIR has alleged that Mr Jagdishan had received ₹2.05 crore in unaccounted cash payments from former trustees, facilitated “illegal deposit of ₹25 crore of Trust funds into HDFC Bank without any resolution, approval, or oversight” and availed “preferential medical treatment and waivers for him & his family at Lilavati Hospital in exchange for complicity and silence.”
In a statement HDFC Bank spokesperson said, “HDFC Bank’s MD and CEO Mr. Sashidhar Jagdishan is being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long outstanding loan due to the Bank from recalcitrant defaulters.”
“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,” the spokesperson said.
“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 statement said.
“Having consistently failed at all levels including the Hon’ble 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 statement added.
The Bank said it has obtained comprehensive legal advice and representation in this regard and is committed to pursuing legal remedies and options to defend its MD & CEO’s reputation.
“The Bank takes immense pride in the integrity and leadership of its MD & CEO. 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,” it said.
Published – June 08, 2025 12:58 am IST
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