HDFC Bank Managing Director and CEO, Sashidhar Jagdishan, has been named in an FIR linked to an alleged financial fraud dating back nearly three decades. The case stems from a complaint filed by the Mehta family, who reportedly defaulted on a bank loan issued in 1995.
According to the FIR, the Mehtas allege irregularities and misconduct involving Jagdishan and other individuals during the processing and recovery of the loan. Specifics of the allegations remain under investigation, but the charges include criminal breach of trust and forgery.
HDFC Bank has firmly denied any wrongdoing on Jagdishan’s part, calling the allegations baseless and intended to malign the reputation of the institution and its leadership. The bank added that it is fully cooperating with authorities.
Sashidhar Jagdishan, a veteran at HDFC Bank, took over as CEO in 2020, succeeding the long-serving Aditya Puri. With a career spanning over two decades at the bank, he is widely credited for steering HDFC through its merger with HDFC Ltd., and for maintaining the institution’s position as one of India’s leading private lenders.
The case is expected to gain further attention as it unfolds, raising questions about the motivations behind the complaint and the long delay in bringing the matter to light.
