Sashidhar Jagdishan, MD and CEO of HDFC Bank is facing serious allegations after an FIR was lodged against him in a financial fraud case. The complaint was filed by Mumbai’s Lilavati Hospital trust and claimed that the money involved was used with the intent to harass a family linked to the trust.

The FIR was filed after the Mumbai Magistrate Court, on May 30, ordered the Bandra police to take action on the complaint. The Lilavati Hospital Trust alleges that a former member paid Rs 2.05 crore to Jagdishan and says it has handwritten diary entries to back up the claim.

The Trust alleges that the money was used to support efforts aimed at harassing the father of one of its current members. It has called for strict action to be taken against the HDFC Bank CEO as part of its complaint.

Sashidhar Jagdishan: All About HDFC Bank’s CEO

Sashidhar Jagdishan became the CEO and MD of HDFC Bank in 2020, taking over from the bank’s long-time head, Aditya Puri. He holds a degree in physics from the University of Mumbai, a master’s in banking and finance from the University of Sheffield, and is also a qualified Chartered Accountant.

Mr. Jagdishan has been with HDFC Bank since 1996. He started as a manager in the finance department. Later in 1999, he became the head of finance and was promoted to chief financial officer in 2008. In 2019, he was called the bank’s “strategic change agent,” just a year before becoming the CEO. In 2023, the Reserve Bank of India approved his re-appointment, extending his term until October 26, 2026.

HDFC Bank’s Response 

HDFC Bank has strongly defended its CEO against the FIR and called the charges “baseless and malicious.” The bank said that Prashant Mehta, a trustee of the Lilavati Hospital Trust, and his family owe a large amount of money to the bank, which has not been paid yet. The bank also said it has sought legal advice and will fight the claims to protect the CEO’s reputation. “The Bank takes great pride in the integrity and leadership of its MD & CEO,” the statement said.