Sashidhar Jagdishan: HDFC Bank’s CEO Under Fire Amid Fraud Allegations
Introduction
Sashidhar Jagdishan, the Managing Director and Chief Executive Officer of HDFC Bank, is currently in the spotlight following serious allegations of financial fraud presented by the Lilavati Trust, an organization associated with the prominent Mehta family of Mumbai. As accusations mount, this article delves into Jagdishan’s career, the nature of the allegations against him, and HDFC Bank’s response to this troubling situation.
Allegations from Lilavati Trust
On June 8, 2025, the Mehta family filed a First Information Report (FIR) against Jagdishan, alleging his involvement in multiple instances of financial misconduct related to the Lilavati Trust, which manages the Lilavati Hospital in Mumbai. The trust claims that Jagdishan and several others—including former bank employees—engaged in fraudulent activities that resulted in the misappropriation of the trust’s funds.
In a public statement, the Lilavati Trust called for the suspension of Jagdishan from all his executive roles and requested action from various regulatory bodies, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).
HDFC Bank’s Response
In light of the allegations, HDFC Bank responded robustly, labeling the FIR as “frivolous,” “baseless,” and a tactic used by “unscrupulous persons” aiming to manipulate the legal system. The bank emphasized its commitment to pursue all lawful remedies to recover public funds and protect the integrity of its leadership and existing employees. The bank’s statement assured stakeholders of its dedication to addressing retaliatory actions taken by the Mehta family.
Career Overview of Sashidhar Jagdishan
Sashidhar Jagdishan, affectionately known as Sashi, has been a cornerstone of HDFC Bank since 1996. He joined the bank as a manager in the finance division and swiftly climbed the ranks, serving as Chief Financial Officer (CFO) from 2008. In September 2020, he succeeded Aditya Puri, India’s longest-serving bank CEO, during a challenging period marked by the COVID-19 pandemic.
Jagdishan’s leadership was solidified when the RBI renewed his appointment for an additional three years in 2023, affirming his position until October 26, 2026. Throughout his career at HDFC Bank, he has held various pivotal roles, overseeing diverse functions such as Finance, Human Resources, and Corporate Social Responsibility.
A physics graduate from the University of Mumbai, Jagdishan furthered his education with a master’s degree in economics from the University of Sheffield in the UK and is a chartered accountant registered with the Institute of Chartered Accountants of India. His extensive background and expertise have earned him a reputation within the banking sector as a strategic change agent.
Conclusion
As the situation unfolds, the implications of the allegations against Sashidhar Jagdishan could have far-reaching consequences not only for his career but also for HDFC Bank’s reputation as India’s largest private lender. For now, both Jagdishan and HDFC Bank remain resolute in their stance, pledging to fight the allegations vigorously and protect the institution’s integrity amid this high-profile controversy. The outcome of this legal battle and its effects on banking operations in India will be closely monitored in the weeks to come.