HDFC CEO Moves Bombay HC to Quash FIR Over Lilavati Trust Fraud Allegation
The Trust has alleged Jagdishan took a INR 2.05 cr bribe from the Chetan Mehta group to help them retain illegal control over the Trust;
The Bombay High Court on Wednesday, June 18, 2025, heard a plea filed by HDFC Bank’s Managing Director and CEO, Sashidhar Jagdishan, seeking the quashing of a First Information Report (FIR) lodged against him by the Lilavati Kirtilal Mehta Medical Trust, which owns Lilavati Hospital in Mumbai, over allegations of financial fraud.
The matter was mentioned before a division Bench of Justice A.S. Gadkari and Justice Rajesh Patil and will be heard in due course.
As per the FIR registered with the Bandra Police, Jagdishan has been accused of accepting a bribe of INR 2.05 crore to allegedly help retain illegal control over the Trust.
It is the Trust’s case that the amount was paid to Jagdishan to help the Chetan Mehta group maintain illegal control over the Trust.
It further alleges that INR 14.42 crore was misappropriated by its former owners, out of which INR 2.05 crore was allegedly received by HDFC Bank CEO.
The complaint further alleges misuse of Corporate Social Responsibility (CSR) funds as part of an attempt to influence the Trust’s affairs.
On June 7, HDFC Bank had issued a statement denying all allegations, terming them “malicious and baseless.”
The bank contended that the FIR was filed in order to stall the recovery of INR 65.22 crore, allegedly due from a 1995 loan linked to Splendour Gems Ltd., a company associated with the Mehta family, which runs the Trust.
According to the bank, Trustee Prashant Mehta and his family members owe substantial dues that have not been repaid.
In response, the Trust released a detailed statement on June 9. It maintained that it has no connection to the borrowing company and has never taken any loan from HDFC Bank.