Shilpi Nama
On 18th June, 2025, HDFC Bank CEO Sashidhar Jagdishan has moved to the Bombay High Court to quash an FIR linked to an alleged scandal involving the Lilavati Hospital trust. The FIR, lodged on 31st May, 2025, follows a complaint by Prashant Mehta, a trustee of the Lilavati Trust, who accused Jagdishan of accepting ₹2.05 crore in bribes between March 2022 and June 2023 to help a faction of former trustees, led by Chetan Mehta, unlawfully maintain control over the trust.
The complaint also alleges harassment of Prashant’s father, Kishor Mehta, whose business was involved in a ₹65.22 crore loan dispute with HDFC Bank. Kishor Mehta reportedly died on 20th May, 2024, allegedly after enduring prolonged emotional stress linked to the conflict.
The FIR, directed by a Bandra magistrate on 29th May, 2025, invokes serious charges including cheating and criminal breach of trust under the Indian Penal Code, as well as provisions of the Bhartiya Nagrik Suraksha Sanhita. Prashant Mehta claims evidence such as diary entries and cash register photocopies show misuse of trust funds, including the alleged payments to Jagdishan.
In his High Court plea, Jagdishan has categorically denied the charges, terming them “malicious and vindictive,” and contends that the FIR is retaliatory, linked to loan recovery actions initiated by HDFC Bank against Mehta family-owned Splendour Gems Ltd. Represented by senior advocate Amit Desai, Jagdishan argued that there is no credible evidence beyond unauthenticated diary notes and selective records. He requested a stay on further proceedings, warning of “grave and irreparable harm” to his reputation and career.
The case has faced delays, as Justices Rajesh S Patil and Sarang V Kotwal recused themselves due to past associations. A new bench will be assigned. Meanwhile, a separate FIR has also been filed against Chetan Mehta and others over alleged embezzlement of ₹2.25 crore from the trust, with those accused also seeking to quash that FIR in the High Court.
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