On June 8, 2025, a serious financial controversy erupted in Maharashtra, India, as the Lilavati Trust filed an FIR against HDFC Bank’s MD and CEO, Sashidhar Jagdishan. The allegations include financial fraud and fund misappropriation. HDFC Bank has denied the claims, calling them baseless and retaliatory.
Sashidhar Jagdishan, the Managing Director and Chief Executive Officer of HDFC Bank, India’s largest private sector bank, has been named in a police complaint filed by the Mehta family, which runs the Lilavati Kirtilal Mehta Medical Trust, the parent organization of Mumbai’s prominent Lilavati Hospital.
The FIR, filed on June 8, 2025, accuses Jagdishan and eight others, including former bank employees, of financial fraud and misappropriation of trust funds. The complaint has sent shockwaves through India’s financial sector.
In response, HDFC Bank, headquartered in Mumbai, Maharashtra, called the FIR “frivolous, malicious, and baseless.” In a filing with stock exchanges, the bank said, “Senior officials are being targeted by unscrupulous persons abusing the legal process in connection with recovery from a long-defaulting borrower, Splendour Gems.”
The bank reiterated its commitment to pursuing legal means to recover public funds and defended the integrity of its top executives. “HDFC Bank will continue to pursue all lawful remedies and defend the reputation of its Directors and employees,” it stated.
The Lilavati Trust, in its letter to the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and the Ministry of Finance, demanded Jagdishan’s suspension from all professional responsibilities until the matter is resolved.
Who is Sashidhar Jagdishan?
Sashidhar Jagdishan, fondly known as “Sashi,” took over as MD and CEO of HDFC Bank in 2020, succeeding the legendary Aditya Puri. He has been associated with the bank since 1996, starting as a manager in the finance division. He became CFO in 2008 and was promoted to Group Head, overseeing various verticals including Finance, HR, Legal, Infrastructure, and CSR, before taking the helm.
A physics graduate from the University of Mumbai, Jagdishan also holds a master’s degree in economics from the University of Sheffield, UK. He is a qualified Chartered Accountant from the Institute of Chartered Accountants of India.
In 2023, the RBI approved Jagdishan’s reappointment as CEO for three more years, extending his tenure until October 26, 2026.
As this case unfolds, both the banking and healthcare communities in India await further developments amid rising concerns over corporate accountability and governance.
