An FIR has been registered against Shashidhar Jagdishan, Managing Director and CEO of the country’s largest private bank HDFC, in a case of financial fraud. Lilavati Kirtilal Mehta Medical Trust, which runs Mumbai’s Lilavati Hospital, has lodged this FIR. The trust claims that Jagdishan took Rs 2.05 crore from one of its former members, the purpose of which was to harass the father of a current member of the trust. On the other hand, HDFC Bank has rejected these allegations as “baseless and malicious”. Understand the whole matter in three points… HDFC Bank said – this is a conspiracy to defame the bank HDFC Bank completely rejected these allegations and said – all this is a conspiracy to defame the bank by Lilavati Trust and Mehta family. The bank claims that the Mehta family had defaulted in repaying a loan taken in 1995. This amount including interest has become Rs 65.22 crore by 31 May 2025. This loan was taken for a company named Splendor Gems, which belongs to the Mehta family. According to the bank, in 2004, the Debt Recovery Tribunal (DRT) issued a certificate for the recovery of this loan, but instead of repaying it, the Mehta family filed legal complaints against the bank and its senior officials. These complaints of the Mehta family have been rejected repeatedly, even in the Supreme Court. Now this FIR is another attempt to target their CEO and stop the recovery of the loan. HDFC Bank said in its statement, “Our MD and CEO Shashidhar Jagdishan is being targeted without any reason. These allegations are completely false and malicious. We will respond to this through legal means and protect the reputation of our CEO.” Who is Shashidhar Jagdishan? Shashidhar Jagdishan has been with HDFC Bank since 1996. Gradually progressing, he became the CEO and MD of the bank in 2020. Earlier, he has been the Chief Financial Officer (CFO) of the bank. Born and raised in Mumbai, Jagdishan did his Bachelor’s degree in Physics from Mumbai University and Masters in Money, Banking and Finance from Sheffield University, UK. In 2023, RBI extended his appointment for another three years, which will now run till 26 October 2026. Jagdishan is considered a capable and respected leader in the banking sector. His salary in 2022-23 was Rs 10.5 crore. Dispute between Lilavati Trust and Mehta family Lilavati Hospital was established in 1997 by Kishore Mehta. Later his brother Vijay Mehta’s family was included in the trust. But the dispute started in 2002-03. Allegations were made that Vijay Mehta’s family took over the trust by forging the signatures of the board members during Kishore Mehta’s treatment abroad. Both the brothers have now passed away, but the dispute between their families continues even today. In 2023, Kishore Mehta’s family gained control of the trust after a long legal battle. They then launched a forensic audit, which revealed claims of embezzlement of ?1200-?1500 crores and even black magic-like activities at the hospital. The trust says Jagdishan, along with the old trustees, helped cover up these wrongdoings. What happens next? The case is still in its initial stages. The Mumbai Police is investigating the FIR, and the court has asked the police to gather more evidence. The Lilavati Trust has sought Jagdishan’s immediate dismissal and a ban on his role in SEBI-regulated institutions. HDFC Bank, on the other hand, has made it clear that it stands with its CEO and will pursue every legal route in the matter.
