The Mehta Family-owned and controlled Lilavati Kirtilal Mehta Medical Trust on Monday, 9 June 2025, pinned a list of allegations against HDFC Bank’s Chief Executive Officer (CEO) Sashidhar Jagdishan and the private bank, according to an official release.
The Trust issued a list of allegations against the HDFC Bank and its executive, claiming it’s a “summary of misdeeds” of CEO Sashidhar Jagdishan. The allegations ranged from “bribe money” to “forging evidence.”
Mehta Family’s allegations against HDFC Bank CEO
The Lilavati Trust, which owns Mumbai’s famous Lilavati Hospital, claimed that the HDFC Bank CEO allegedly took ₹2.05 crore in bribes to help the Chetan Mehta Group remain “illegally” in control of the family Trust.
“ ₹2.05 crore bribe money paid to HDFC Bank MD & CEO Sashidhar Jagdishan to help Chetan Mehta group remain illegally in control of the Trust and for Financial advice in looting the Trust. No denial by MD/CEO by these bribe and favours paid to him,” claimed Lilavati Trust on Monday.
The Trust also claimed that there was no denial from HDFC Bank over its CEO and his family allegedly taking “free” medical treatment.
“No denial for Free Medical Treatment taken by MD/CEO and his family member,” they claimed.
They also claimed that the Trust deposited ₹48 crore in HDFC Bank through deposits and bonds from the 2022 fiscal year onwards.
“No denial Trust deposited 48 crores in HDFC through deposits and bonds FY2022 onwards,” alleged Lilavati Trust.
The Trust also alleged that the HDFC Bank CEO was offered ₹1.5 crore in bribery under the alleged CSR for the destruction and forging of evidence.
“No denial of MD/CEO offering 1.50 crores as bribe under alleged CSR for destruction and forging of evidence,” said Lilavati Trust.
The Trust also claimed that the Lilavati Trust had nothing to do with the borrower company or the loan recovery, which is due to HDFC Bank. “LKMM Trust and Mr. Prashant Mehta have nothing to do with the borrower company nor any recovery is due from them to HDFC Bank,” said the Trust.
“The LKMM Trust and Mr Prashant Mehta have never been a borrower to HDFC Bank but a lender to HDFC Bank. They have deposited 48 Crores in the form fixed deposits and bonds,” they claimed.
According to the filing, Lilavati Trust cited that a civil and criminal defamation case has been initiated against CEO Sashidhar Jagdishan. This proceeding is claimed to be for over ₹1,000 crore for the loss caused to the Trust.
“Civil & Criminal defamation proceedings has been initiated against MD/CEO Sashidhar Jagdishan for over 1,000 crores rupees for loss caused to the Trust,”
On HDFC Bank’s Denial
Lilavati Trust also addressed that the earlier allegations which were made towards the CEO have allegedly been scrutinised by the judicial authority before they registered an FIR.
“Allegations made against MD/CEO of HDFC Bank have been scrutinized by the judicial authorities and after this judicial scrutiny FIR was registered on the order of the judicial authority. This clearly shows that the allegations are not frivolous as alleged in the press release oftheHDFCBank,” said the Mehta family-run Trust on Monday.
HDFC Bank has not officially released any response to this development so far on Monday, 9 June 2025. Any response from the firm will be updated in the copy.
HDFC Bank shares closed flat at ₹1,978.60 after Monday’s trading session, compared with ₹1,978.70 at the previous stock market session. The fresh set of allegations was issued after the market operating hours on 9 June 2025.
Lilavati Trust’s earlier allegations
Lilavati Trust on Sunday, 8 June 2025, was seeking HDFC Bank CEO’s suspension and legal prosecution over alleged involvement in financial fraud and fund corruption related to the trust.
Along with CEO Sashidhar Jagdishan, the Trust has also accused eight individuals, including former bank employees, of financial fraud and misappropriation of the trust’s funds.
The private bank on Sunday disclosed its plans to pursue legal action to recover public funds and will address the retaliatory actions taken by the Mehta family.
Disclaimer: All the views and claims in this story are from the Lilavati Kirtilal Mehta Medical Trust. This story does not represent LiveMint’s views on the subject.
