In a new turn of events, Lilavati Kirtilal Mehta Medical Trust (LKMMT) has now levied startling accusations against HDFC Bank CEO & MD, Sashidhar Jagdishan, going far beyond mere financial imbroglio. The Trust, speaking through Charuben Kishor Mehta, Founder/Permanent Trustee for Life, asserted that Jagdishan and his associates are directly responsible for the demise of her late husband, Kishor Kirtilal Mehta, due to the “extreme mental anguish” they inflicted upon him.
In a statement, the Trust said, “The MD/CEO of HDFC Bank along with others are responsible for the demise of the Founder Trustee late Shri Kishor Kirtilal Mehta by causing him extreme mental anguish at the age of 84 years. Charu Kishor Mehta, Founder Trustee who personally wrote to the MD/CEO of HDFC Bank on 20.04.2024 before the demise of Kishor Mehta, to try to resolve any disputes.”
The statement maintained that the private sector lender was never interested in money but only mental harassment and torture of late Kishor Mehta on a Rs 5 crore loan that was admitted by them in court papers in 2024 which they resisted heavily to bring out.
Lilavati Trust has also denied any outstanding amounts to HDFC Bank. “It has never borrowed a single rupee from the bank nor are they connected to the borrowing company in question whatsoever. The HDFC Bank’s press statement is filled with blatant lies,” it asserted.
HDFC Bank CEO facing charge of ‘culpable homicide’
Lilavati Trust has outrightly called it “a clear premeditated murder in collusion with the erstwhile illegal Trustees to help them illegally remain in control of the Trust”. The Trust also maintained that it will also produce the death certificate to the necessary agencies that confirms Kishor Mehta’s passing from mental anguish amongst other reasons.
“The MD/CEO of HDFC Bank is facing the charge of culpable homicide & notice has been issued to him and others by the Ld Sessions Court to what he calls frivolous courts. This has also not been disclosed by him to the HDFC Board, regulators or the public till date,” the statement by LKMMT confirmed.
HDFC Bank CEO accused of taking bribes, concealment, abuse of power, financial impropriety
The Lilavati Trust has leveled a series of serious allegations against Sashidhar Jagdishan, accusing him of financial misconduct, conflict of interest, and aiding fraudulent trustees in siphoning funds from the charitable Trust.
According to a detailed letter released by the Trust, the MD/CEO is alleged to have:
– Accepted bribes of Rs 2 crore,
– Received Rs 48 crore in deposits and bonds from the Trust without the knowledge or consent of its founding trustees,
– Taken free medical treatments from the Trust’s facilities, and
– Used Rs 1.5 crore of Corporate Social Responsibility (CSR) funds as a bribe to doctors in order to allegedly destroy evidence.
The Trust has further claimed that none of these allegations have been directly denied by the Bank CEO in his public statements or press releases. “He cannot deny the free treatments, the deposits or the CSR offers. We have documentary proof for all these issues,” the Trust stated.
The Trust also alleged that the CEO used the Bank to revive a dormant recovery proceeding involving Splendour Gems — a case closed since 2005 — with the intention of helping a group of allegedly “fraudulent and illegal” trustees, including Chetan Mehta, to oust Kishor Mehta and his family from the Trust. “The Bank had not taken any action in this dormant already finished matter and treated it closed from 2005 till 2018 until the MD/CEO of HDFC Bank came into contact with the illegal trustee Chetan Mehta & his group. Obviously the MD/CEO of HDFC Bank has benefited to the tune of crores of rupees from the Trust for aiding and abetting the fraudsters,” the letter stated.
The Trust also accused Jagdishan of failing to inform the HDFC Board, SEBI, and other regulators about an FIR filed against him under various sections of the Bharatiya Nyaya Sanhita (BNSS) — including Sections 406, 409, 420, and 34 — which relate to criminal breach of trust, cheating, and conspiracy.
‘No qualms with HDFC Bank’
The Trust, however, maintained that it has no qualms with the HDFC Bank. It demanded that the banking major remove the MD/CEO from his post with immediate effect.
HDFC Bank calls allegations ‘malicious and baseless’
However, in an earlier statement, HDFC Bank had called the FIR by the Trust “malicious and baseless,” asserting that it was “a gross misuse of the legal process”. The Bank defended its CEO and other senior officials and said that they are being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long outstanding loan due to the Bank.