Who Is Sashidhar Jagdishan? HDFC Bank CEO Facing Financial Fraud Allegations

An FIR has been filed against HDFC Bank's Managing Director (MD) and Chief Executive Officer (CEO) Sashidhar Jagdishan over his alleged involvement in a series of financial frauds. The Lilavati Hospital has called for punitive action against the HDFC boss, who allegedly accepted money from the father of a trust member, with the Lilavati Kirtilal Mehta Medical (LKKM) Trust producing handwritten diary entries as evidence.

The Trust has alleged that one of its former members paid Mr Jagdishan Rs 2.05 crore with the intent of harassing the father of a current Trust member. The Trust said its actions were based on a May 30 order from the Mumbai Magistrate Court, which directed the Bandra police to file an FIR against Mr Jagdishan and seven others.

HDFC Bank has come out in support of its top executive, claiming that the allegations levelled were "baseless and malicious". The bank added that one of the Trust's trustees, Prashant Mehta, along with his family members, owe significant sums to the bank, which remain unpaid.

"The Bank has obtained comprehensive legal advice and representation in this regard and it is committed to pursuing legal remedies and options to defend its MD & CEO's reputation. The Bank takes immense pride in the integrity and leadership of its MD & CEO," the bank stated.

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Who is Sashidhar Jagdishan?

Mr Jagdishan took charge as the HDFC Bank CEO and MD in 2020, succeeding the bank's longest-serving CEO, Aditya Puri. He holds an undergraduate degree in physics from the University of Mumbai and a master's in economics of money, banking and finance from the University of Sheffield. He is also a Chartered Accountant, having earned his stripes from the Institute of Chartered Accountants of India.

Mr Jagdishan has been part of the private bank's setup since 1996, having joined the company as a manager in the finance division. He went on to become the finance head in 1999 and was subsequently promoted as the chief financial officer in 2008.

He was named as the "strategic change agent" of the bank in 2019, a year before his eventual coronation as the top boss of the company. In 2023, the Reserve Bank of India (RBI) approved his re-appointment for three years, extending his stay at the bank till October 26, 2026.