Winning Bizness Desk
Mumbai. An FIR has been lodged against HDFC Bank Managing Director and CEO Shashidhar Jagdishan in connection with an alleged financial fraud case. The complaint has been filed by Lilavati Kirtilal Mehta Medical Trust, which runs Mumbai’s renowned Lilavati Hospital. According to the FIR, Jagdishan allegedly accepted Rs 2.05 crore from a former trustee of the Trust, supposedly to trouble the father of a current trustee. The FIR was registered on May 30, 2025, at Bandra Police Station following an order by a Mumbai Magistrate’s Court.
Trust accuses Jagdishan of misuse of position
The Lilavati Trust has claimed to possess crucial evidence, including a diary detailing a total misappropriation of Rs 14.42 crore, of which Rs 2.05 crore was allegedly paid to Jagdishan. The current trustee, Prashant Mehta, alleged that former trustee Chetan Mehta made the payment with the motive of harassing his father. The Trust has sought immediate removal of Jagdishan from his post and requested legal action from the RBI, SEBI, and the Finance Ministry. The Trust alleges misuse of authority and evidence suppression by the bank CEO.
HDFC Bank calls allegations baseless
Responding strongly, HDFC Bank dismissed the allegations as false, malicious, and part of a calculated defamation campaign by the Mehta family. The bank accused the family of attempting to derail the recovery of an old loan. According to HDFC, the Mehtas defaulted on a loan taken in 1995 by their firm, Splendor Gems, which now stands at Rs 65.22 crore including interest. The Debt Recovery Tribunal (DRT) had issued a recovery certificate in 2004, but the Mehtas continued filing legal complaints, all of which were rejected, even by the Supreme Court.
Bank vows legal support for CEO
The bank said the FIR is a fresh tactic by the Mehta family to delay repayment by targeting the CEO. In an official statement, HDFC Bank said, “Our MD and CEO Shashidhar Jagdishan is being unfairly targeted. The charges are completely false and malicious. We will pursue all legal options and protect the reputation of our CEO.” The bank reiterated its confidence in Jagdishan and stated that he would continue in his role.
Who is Shashidhar Jagdishan?
Shashidhar Jagdishan has been with HDFC Bank since 1996, gradually rising through the ranks to become CEO and MD in 2020. A physics graduate from Mumbai University, he later earned a Master’s degree in Money, Banking and Finance from Sheffield University, UK. Before becoming CEO, he served as the bank’s Chief Financial Officer (CFO). In 2023, the RBI extended his term until October 2026. He is widely regarded as a respected and capable leader in India’s banking sector.
Long-standing feud within Lilavati Trust
The dispute within the Lilavati Trust dates back to 2002–03, when allegations arose that Vijay Mehta’s family took control of the trust during Kishor Mehta’s treatment abroad using forged signatures. Though both brothers have passed away, their families have been locked in a legal battle since. In 2023, Kishor Mehta’s family regained control and ordered a forensic audit that unearthed alleged financial irregularities worth Rs 1200–1500 crore, and even claimed occult practices at the hospital. The Trust alleges that Jagdishan was involved in helping the former trustees conceal these irregularities.
Story in a Nutshell
- FIR filed against HDFC Bank CEO Shashidhar Jagdishan for alleged Rs 2.05 crore financial fraud.
- Complaint by Lilavati Kirtilal Mehta Medical Trust, alleging misuse of position and evidence suppression.
- HDFC Bank dismisses charges, calls them baseless and a defamation attempt by Mehta family.
- Long-standing loan default of Rs 65 crore by Mehta family's firm cited as background.
- Bank accuses family of targeting CEO to delay repayment and recovery proceedings.
- Jagdishan, with HDFC since 1996, is a seasoned leader and remains supported by the bank.
- Lilavati Trust's internal feud led to forensic audit revealing alleged large-scale financial mismanagement.
