About Sashidhar Jagdishan: Sashidhar Jagdishan, the CEO and MD of HDFC Bank was implicated in a financial fraud FIR filed by the Lilavati Kirtilal Mehta Medical Trust last week, upending the banking industry in India. In the midst of a protracted loan recovery case involving Splendour Gems, the charges center on a ?2.05 crore transaction that is allegedly connected to harassment of a trustee's family.?
HDFC Bank has denied the charges as "malicious and baseless" and promised to pursue legal action despite the Mehta family's demands for Jagdishan's suspension and regulatory action. Investor confidence and the bank's reputation are closely monitored while this high-stakes story plays out, underscoring the serious ramifications of alleged wrongdoing at the top of India's top private lender.?
The bank's longest-serving CEO, Aditya Puri, was replaced in 2020 by Mr. Jagdishan as CEO and MD of HDFC Bank. Since 1996, Mr. Jagdishan has been a part of the private bank's establishment, having started as a manager in the financial department. In 1999, he was appointed to head of finance, and in 2008, he was elevated to chief financial officer.
In 2019, a year before he was crowned the bank's top leader, he was dubbed the "strategic change agent" of the organization. His tenure at the bank was extended to October 26, 2026, after the Reserve Bank of India (RBI) authorized his re-appointment for a further three years in 2023.?
He graduated from the University of Mumbai with a bachelor's degree in physics and the University of Sheffield with a master's degree in money, banking, and finance economics. After earning his credentials from the Institute of Chartered Accountants of India, he is also a chartered accountant.
In 1996, Sashidhar Jagdishan began working with HDFC Bank following the completion of his master's degree. He began his career in the finance department as a manager before being elevated to the position of Business Head of Finance in 1999.
With more than 29 years of experience, Sashidhar Jagdishan was instrumental in helping HDFC Bank expand. In addition, he oversees the financial department and has been instrumental in helping the company connect with its long-term strategic goals.
Sashidhar Jagdishan will now be looking to the future as the Reserve Bank of India confirmed his appointment on August 4, 2020, making him the next chief executive officer of HDFC Bank. He will begin his term in October 2020 and remain in the position for the following three years.
According to HDFC Bank's current CEO, Aditya Puri, Sashidhar has all the necessary abilities and will be crucial to the bank's expansion in the years to come.?
An FIR was filed against HDFC Bank's managing director and chief executive officer, Sashidhar Jagdishan, in relation to a financial fraud case, and he is currently being investigated.
The Lilavati Kirtilal Mehta Medical (LKKM) Trust, which operates Mumbai's renowned Lilavati Hospital, filed the case. According to the Trust, Jagdishan received money in order to cause trouble for the family of one of its current members.
After the Mumbai Magistrate Court ordered the Bandra police to respond to the allegation and bring a formal case against Jagdishan and seven other people on May 30, the FIR was filed. A former member allegedly paid Jagdishan Rs 2.05 crore, the Trust claims. According to the Trust, handwritten journal entries attest to this payment.
According to the charges, this money was used to fund activities intended to harass a current Trust member's father. The Trust has called for stringent measures against the head of HDFC Bank as part of the complaint.?
In response to the FIR, HDFC Bank has now defended its CEO and other senior officials, claiming that dishonest individuals are targeting them and exploiting the legal system to prevent the Bank from recovering the long-overdue loan. According to the Bank, Trustee Prashant Mehta and his relatives are accused of owing HDFC Bank large sums of money that have been underpaid for more than 20 years.
According to HDFC Bank, the Mehta family's Splendour Gems Limited was given a loan by the private sector lender in 1995 along with the other consortium banks; nonetheless, the loan was repaid in 2001.?
According to HDFC Bank, the debts are still largely unpaid even after the Debt Recovery Tribunal granted a recovery certificate in 2004 and further enforcement measures. It is true that "Splendour Gems Limited has also been borrowing from other banks/institutions." As of May 31, 2025, the total sum owed to HDFC Bank, including interest, was roughly Rs 65.22 crore.?
HDFC Bank views the legal actions taken by the Mehta family as "retaliatory in nature and have mala fide intention solely at evading repayment of long-standing dues."?
The Bank said that the FIR was "a gross misuse of the legal process" and described it as "malicious and baseless" in a regulatory filing.
"The Bank is convinced that these actions are an intentional attempt to impede and undermine lawful recovery proceedings concerning significant long-standing debts owed by Splendour Gems Limited," the statement continued.?
Regarding the latest accusations, HDFC Bank stated that the Mehta family has turned to "launching personal attacks against the Bank and its MD & CEO in a clear attempt to malign their reputation and intimidate the Bank into halting its recovery actions" after trying every other legal option without success.?
In the meantime, HDFC Bank will keep using all legal means to recoup public monies and deal with the Mehta family's retaliatory activities.
According to HDFC Bank, the Mehta family has turned to "launching personal attacks against the Bank and its MD & CEO in a clear attempt to malign their reputation and intimidate the Bank into halting its recovery actions" in response to the latest accusations after having tried every other legal option without success.
HDFC Bank will continue to take legal steps to recoup public funds and deal with the Mehta family's retaliatory moves.
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