HDFC Bank Denies Allegations Against CEO Amidst Fraud Accusations

HDFC Bank has categorically denied allegations made by the Lilavati Kirtilal Mehta Medical Trust that its Managing Director and CEO, Sashidhar Jagdishan, was involved in financial fraud. The bank dismissed the claims as baseless and motivated by malicious intent.

The Trust alleged that an investigation revealed a cash diary implicating Jagdishan in the misappropriation of Rs 14.42 crore, which led them to call for his suspension by HDFC's board, the RBI, SEBI, and the Finance Ministry. Interactions between the Trust and Jagdishan were brought to light, further intensifying the controversy.

However, HDFC Bank asserted that Jagdishan is a victim of an attempt to deflect attention from unsettled loans owed by Trust members, including Trustee Prashant Mehta. Despite previous legal actions failing against Mehta, the Trust now alleges further misconduct by Jagdishan to obstruct justice. The bank continues to stand by its CEO amidst these challenges.

(With inputs from agencies.)