HDFC Bank has categorically denied the serious allegations made by the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) against its Managing Director and CEO, Sashidhar Jagdishan. The bank described the claims as “baseless and malicious,” asserting that they are a retaliatory move by defaulting borrowers attempting to obstruct lawful recovery proceedings.

Earlier in the day, the LKMM Trust—which oversees the well-known Lilavati Hospital in Mumbai—issued a public statement demanding the immediate suspension and prosecution of Mr. Jagdishan. The trust alleged his involvement in what it called “a series of financial frauds concerning the trust,” and cited the registration of FIR No. 818/2025 under the directions of a Bombay Magistrate Court.

In a sharp rebuttal, HDFC Bank stated that Mr. Jagdishan was being targeted by “unscrupulous persons who are abusing the legal process to thwart the recovery of long-outstanding loans” owed to the bank by members of the Trust.

“The allegations made by Lilavati Trust, its Trustees and Officials against the Bank’s MD and CEO are outrageous, preposterous, and categorically denied,” the bank said in an official statement. “These are malicious personal attacks by recalcitrant defaulters who have persistently resisted repayment and enforcement efforts.”

HDFC Bank further alleged that Prashant Mehta, a Trustee of LKMM Trust, and his family members owe substantial sums to the bank and have for over two decades launched “numerous vexatious legal actions” to delay recovery. The bank stated that despite having failed at all legal levels—including the Supreme Court—the family is now resorting to personal attacks to “intimidate and bully” its leadership.

“The bank has obtained comprehensive legal advice and is fully prepared to defend its MD & CEO’s reputation. We are confident the judicial process will expose the fraudulent intent behind these allegations,” the statement said.

HDFC Bank reaffirmed its faith in due process and said it stood by the integrity and leadership of Mr. Jagdishan, whom it described as a “person of high professional standing and ethics."