Special Mumbai Police to summon HDFC Bank MD-CEO Shashidhar Jagadishan in EOW Lilavati Trust fraud probe

Mumbai Police’s Economic Offenses Wing (EOW) will summon HDFC Bank MD and CEO Shashidhar Jagadeesan and other accused in the alleged financial fraud at Lilavati Kirtilal Mehta Medical Trust, sources told CNBC-TV18.

According to EOW officials, summons will be issued to all the accused, including Jagadeesan, as part of the ongoing investigation into alleged fund misappropriation and financial fraud. The complaint filed by the current trustees alleges that the former trustees were engaged in irregular financial activities. 1,300 crores.

The Lilavati Kirtilal Mehta Medical Trust operates Mumbai’s high-profile Lilavati Hospital.

The current trustees have accused the former trustees of making illegitimate deals, which resulted in the purchase of medical and surgical supplies at grossly inflated prices. They also allege that the audit report revealed irregularities in inventory, forgery and cost manipulation.

Mumbai Police initially filed an FIR against the former trustees, after which the EOW took over the investigation.

Jagadishan is accused of accepting A bribe of Rs 2.05 crore was allegedly taken to aid financial malpractices by a faction of the Mehta family. The current trustees have also filed Defamation case of Rs 1000 crore against him.

At present, a case has been registered against Jagadishan on charges of criminal breach of trust and cheating.

“We have a total of five cases in the Lilavati Hospital Trust case. Shashidhar Jagadishan is an accused in one of these cases. He is accused of taking bribe and criminal breach of trust,” the EOW told CNBC-TV18.

CNBC-TV18 has contacted HDFC Bank. Awaiting the bank’s reply.

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