HDFC Bank CEO and Managing Director Sashidhar Jagdishan has filed a petition in the Bombay High Court seeking to quash a First Information Report (FIR) registered against him on May 31, 2025. The FIR was lodged by the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which manages Lilavati Hospital in Mumbai.
As per news reports, the complaint alleges Jagdishan received ₹2.05 crore as bribe to help Chetan Mehta and others retain control over the Trust.
On May 29, 2025, a magistrate court ordered the Bandra police to register offences under IPC Sections 406, 409, and 420, and to investigate the matter under Section 175(3) of the Bhartiya Nagrik Suraksha Sanhita. This led to the FIR being filed. The order was based on diary entries allegedly showing payments made on Mehta’s instructions to Jagdishan.
Represented by senior advocate Amit Desai, Jagdishan has argued that the FIR is baseless and was filed in retaliation for loan recovery proceedings initiated by HDFC Bank against Splendour Gems Ltd., a company linked to the Mehta family. The Lilavati Trust alleges HDFC Bank has provided inconsistent disclosures regarding a disputed loan. On Wednesday, the Trust stated the bank hasn't presented an official loan agreement or ledger in court, while offering varying loan figures, from ₹4.8 crore to ₹450 crore, and most recently ₹65.22 crore, in its submissions.
Read More: Supervisory Data Quality Index of Banks Improves to 89.3 in March 2025: RBI!
According to the Trust, the bribe was paid to support the Mehta group’s influence over Trust affairs. The complaint also claimed Jagdishan and his family received free medical treatment and that ₹1.5 crore was offered under the bank’s CSR initiatives to forge evidence. The Trust stated it had deposited ₹48 crore in fixed deposits and bonds with HDFC Bank since FY22 and had no borrower relationship with the bank.
2 High Court benches have recused from hearing the matter, and the case is pending reassignment. Meanwhile, other FIRs related to alleged fund misappropriation have also been registered, involving multiple parties.
As of 9:32 AM on June 19, 2025, HDFC Bank share price was trading at ₹1,936.20, a 0.12% increase. The stock has increased 7.83% over the past 6 months and 16.65% over the past year.
The matter remains pending before the Bombay High Court, with no bench assigned yet. Further hearings and investigation outcomes are awaited.
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Published on: Jun 19, 2025, 10:14 AM IST
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