HDFC Bank CEO Sashidhar Jagdishan Named in FIR Over ₹2.05 Cr Fraud Case

Photo : X / @dineshwadera

Sashidhar Jagdishan, the head of HDFC Bank, is facing serious questions after a police case (FIR) was filed against him in Mumbai. The complaint, made by the Lilavati Kirtilal Mehta Medical Trust — which runs the well-known Lilavati Hospital — claims that Jagdishan was involved in a financial matter that was meant to trouble the family of one of the Trust’s current members.

The Trust says that a former member paid Jagdishan ₹2.05 crore, and that this money was not used for the right reasons. They claim to have handwritten diary entries that show this payment was made. The matter was taken to court, and on May 30, the Mumbai Magistrate Court ordered Bandra Police to register a case against Jagdishan and seven others.

According to the Trust, this payment was linked to actions meant to harass the father of one of its members. Because of this, the Trust is asking the authorities to take strong action.

Who is Sashidhar Jagdishan?

Sashidhar Jagdishan has worked at HDFC Bank for a long time. He joined the bank in 1996 as a manager in the finance department. Just three years later, in 1999, he became the head of finance. In 2008, he was promoted to Chief Financial Officer (CFO).

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In 2019, the bank gave him a special role to help shape its future and lead internal changes. A year later, in 2020, he became the Managing Director (MD) and Chief Executive Officer (CEO), taking over from Aditya Puri, who led the bank for many years.

Jagdishan studied physics at the University of Mumbai and then completed a master’s degree in economics from the University of Sheffield in the UK. He is also a qualified Chartered Accountant in India.

In 2023, the Reserve Bank of India approved his reappointment as CEO for another three years. His current term ends in October 2026.

HDFC Bank Defends Its CEO

After the FIR became public, HDFC Bank quickly issued a statement supporting its CEO. The bank said the complaint is “false and made with bad intentions.” According to the bank, Prashant Mehta — a current trustee of the Lilavati Trust — and his family still owe a large amount of money to the bank that they haven’t paid back.

HDFC Bank also said that it has taken legal advice and is ready to fight the claims in court. The bank added that it stands by the honesty and leadership of Jagdishan, saying, “The Bank takes great pride in the character and leadership of our MD & CEO.”

The case is now with the police, and further investigation will reveal more about the claims made by the Lilavati Trust.