A First Information Report (FIR) was registered last month at the Bandra Police Station against Sashidhar Jagdishan, the CEO of HDFC Bank. The FIR alleges that Jagdishan accepted a bribe of ₹2.05 crore from the Chetan Mehta Group in exchange for providing financial advice to help them retain control over the Trust’s governance. The Trust has accused Jagdishan of misusing his position as the head of HDFC Bank to interfere in the internal affairs of a charitable organization.
The complaint claims that Jagdishan provided financial and strategic advice to manipulate the Trust’s affairs, which is a misuse of his authority as the CEO of HDFC Bank. It is alleged that the money was paid to Jagdishan in exchange for his influence and expertise. The Trust has also claimed that Jagdishan and his family received free medical treatment from Lilavati Hospital, which is a benefit that has not been acknowledged or refuted by HDFC Bank.
Furthermore, the complaint alleges that the Trust had placed deposits and investments totaling ₹48 crore with HDFC Bank since the financial year 2022, which implies a conflict of interest in the ongoing relationship between the Trust and the bank. Additionally, it is alleged that Jagdishan offered ₹1.5 crore under the pretext of corporate social responsibility (CSR) funds, which was allegedly used to facilitate the destruction and forgery of evidence relating to internal Trust disputes.
The FIR has been registered under Sections 406, 409, and 420 of the Indian Penal Code (IPC), which pertain to criminal breach of trust, criminal breach of trust by a public servant, and cheating, respectively. The allegations against Jagdishan are serious and have raised questions about his conduct as the CEO of HDFC Bank. The investigation into the matter is ongoing, and it remains to be seen how the case will unfold. The allegations have also raised concerns about the relationship between HDFC Bank and the Trust, and whether there has been any impropriety in their dealings.