Mumbai57 minutes ago
- Copy link
Shashidhar Jagdishan has been with HDFC Bank since 1996 and gradually progressed CEO and MD of the bank in 2020.
An FIR has been registered against the financial fraud case against Shashidhar Jagdishan, managing director and CEO of HDFC, the country’s largest private bank. Lilavati Kirtilal Mehta Medical Trust, who runs Mumbai’s Lilavati Hospital, has lodged this FIR.
The trust claims that Jagadishan took Rs 2.05 crore from one of his former members, which was aimed at harassing the father of an existing member of the trust. On the other hand, HDFC Bank has dismissed the allegations as “baseless and malicious”.
Understand the whole matter in three points …
- The Lilavati Trust has lodged an FIR against Jagadishan and seven others at Bandra police station in Mumbai. This FIR has been registered after the order of the Mumbai Magistrate Court on 30 May 2025. The trust says they have strong evidence, including a diary.
- This diary allegedly mentions the rigging of Rs 14.42 crore, out of which 2.05 crore rupees were given to Jagdishan. Prashant Mehta, the current trustee of the trust, has alleged that this amount was given by former trustee, Chetan Mehta to harass his father.
- The trust has also demanded his immediate dismissal and legal action from the RBI, SEBI and the Ministry of Finance. The trust says that Jagadishan misused his position and tried to suppress the evidence.
Lilavati Hospital in Mumbai runs Lilavati Kirtilal Mehta Medical Trust.
HDFC Bank said- this conspiracy to discredit the bank
HDFC Bank dismissed these allegations outright and said- all these are a conspiracy to discredit the bank on behalf of the Lilavati Trust and Mehta family.
The bank claims that the Mehta family defaulted a loan taken in 1995. This amount, including interest, has been Rs 65.22 crore by 31 May 2025. The loan was taken for a company called Splendor James, which belongs to the Mehta family.
According to the bank, in 2004, the Date Recovery Tribunal (DRT) issued a certificate to recover the loan, but the Mehta family made legal complaints against the bank and its senior officials instead of repaying it.
These complaints of the Mehta family have been repeatedly dismissed, even in the Supreme Court. Now this FIR is another attempt to target their CEO and stop the loan recovery.
HDFC Bank said in its statement, “Our MD and CEO Shashidhar Jagdishan is being targeted without reason. These allegations are completely false and malicious. We will answer it with legal routes and protect our CEO’s reputation.”
Who is Shashidhar Jagdishan?
Shashidhar Jagdishan has been with HDFC Bank since 1996. Gradually progressed, CEO and MD of the bank were formed in 2020. Prior to this, he has been the Chief Financial Officer (CFO) of the bank.
Born in Mumbai and raised, Jagdishan received a Bachelor degree in Physics from Mumbai University and did a Masters in Money, Banking and Finance from Sheffield University in UK.
In 2023, RBI extended his appointment for three years, which will now run till 26 October 2026. Jagadishan is considered a capable and respected leader in the banking sector. His salary in 2022-23 was Rs 10.5 crore.
Shashidhar Jagdishan is born and grew up in Mumbai. HDFC has been with Bank since 1996.
Lilavati Trust and Mehta family dispute
Lilavati Hospital was founded in 1997 by Kishore Mehta. The family of his brother Vijay Mehta was later included in the trust. But the dispute began in 2002-03.
It was alleged that Vijay Mehta’s family captured the trust during Kishore Mehta during treatment abroad. Both 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. He then started a forensic audit, with claims of activities like ₹ 1200-₹ 1500 crore rigging and even black magic in the hospital. The trust says that Jagadishan along with the old trustees helped hide these wrong things.
What will happen next?
This case is still in the initial stage. The Mumbai Police is investigating this FIR, and the court has asked the police to gather more evidence. The Lilavati Trust has demanded the immediate dismissal of Jagadishan and his role in SEBI-Regulated institutions.
On the other hand, HDFC Bank has made it clear that it is standing with its CEO and will adopt every legal path in this matter.
