HDFC Bank CEO Faces ₹1,000 Crore Defamation Suit from Lilavati Trust Amid Fraud Allegations

HDFC Bank CEO Faces ₹1,000 Crore Defamation Suit from Lilavati Trust Amid Fraud Allegations

Last Updated Jun - 23 - 2025, 03:14 PM | Source : Fela News

Lilavati Trust has initiated civil and criminal proceedings against HDFC Bank CEO Sashidhar Jagdishan, alleging defamatory remarks and a targeted campaign to ha

The Lilavati Kirtilal Mehta Medical Trust has filed a ₹1,000 crore defamation lawsuit against HDFC Bank’s CEO and Managing Director, Sashidhar Jagdishan. The Trust has accused him of making defamatory and unsubstantiated claims that it says have severely impacted its standing as a charitable healthcare institution. According to the Trust, the remarks were part of a planned effort to harm its reputation and discredit its Permanent Trustee, Prashant Mehta, without offering supporting documentation.

In addition to the civil suit, the Trust has also lodged a criminal complaint with the Metropolitan Magistrate’s Court in Girgaon, Maharashtra. The court has issued notices to Jagdishan, along with HDFC Bank’s spokesperson and corporate communications head. The Trust emphasized that its actions are not retaliatory but are necessary to counter a “deliberate and coordinated smear campaign.” It denied any involvement with the company Splendour Gems, which had earlier surfaced in the bank’s allegations, calling the claims entirely baseless.

Reacting to the legal moves, Jagdishan has filed a plea in the Bombay High Court seeking to quash the FIR registered against him on the magistrate’s directive. The FIR stems from allegations that ₹14.42 crore was misused by trustees, with ₹2.05 crore allegedly linked to Jagdishan. The Trust further claimed that a ₹1.5 crore amount, presented as CSR funding to hospital staff, was intended to influence witnesses and derail the investigation. With high-profile names and serious accusations involved, the case is attracting widespread public and legal attention.

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