HDFC Bank CEO Sashidhar Jagdishan And The Lilavati Trust Accusations (Image:x.com/dineshwadera)

Sashidhar Jagdishan, the Managing Director and CEO of HDFC Bank, has been named in connection with his alleged involvement in a series of financial frauds concerning the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which oversees Mumbai’s Lilavati Hospital at Bandra.

The Mehta family, which manages the Trust filed an FIR concerning the matter on Sunday, June 8. They have also demanded Jagdishan’s suspension from all roles within HDFC Bank and has urged regulatory bodies such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) to take action.

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However, HDFC Bank, India’s largest private sector bank strongly dismissed the allegations made by the Trust, its trustees, and officials, calling them ‘baseless and malicious’. Defending Jagdishan, the bank said that one of the Trust’s trustees, Prashant Mehta, along with his family members, owes substantial amounts to HDFC Bank which were never repaid.

Who is Sasidhar Jagdishan?

Jagdishan has been associated with HDFC Bank for nearly three decades. He climbed the corporate ranks with impressive speed. He took on the role of Managing Director and CEO of HDFC Bank on October 27, 2020, with approval from the RBI. He was re-appointed to the role from October 27, 2023, to October 26, 2026.

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Jagdishan, a certified Chartered Accountant, was born and raised in Mumbai. He studied Physics at Mumbai University and completed a master’s degree in Economics of Money, Banking & Finance from the University of Sheffield, UK. He started his career with Deutsche Bank AG in Mumbai, and joined HDFC in 1996 as a manager in the Finance department.