HDFC Bank CEO Sashidhar Jagdishan faces an FIR over alleged Rs 2.04 crore cash payments from the Lilavati Trust, where he was appointed as Financial Advisor. He denies wrongdoing, calling the evidence fabricated, but the Supreme Court has allowed the police investigation to continue. The FIR stands. We unpack the details in a 10-part story on the Lilavati saga of how a banker turned hitman, played sides in a family dispute, availed pecuniary benefits and as quid pro quo indulged in recovery tactics meant to terrorize.

A glance at the beginnings: Kirtilal Manilal Mehta who made his fortunes in diamond trade in post independent India was driven by empathy and the compassionate nature of his wife, Lilavati and in commemoration formed the Lilavati Kirtilal Mehta Medical Trust, leading to the creation of Lilavati Hospital in Mumbai (opened in 1997, now a major healthcare institution). The Trust was structured to keep control with Kirtilal’s son, Kishor’s family through Permanent Trustees. After all it was Kishor who was instrumental in developing the Lilavati Hospital project.

Over time, disputes arose within the Mehta family, splitting them into rival groups. In 2001, control was taken by other family factions but after prolonged litigation, management returned to Kishor’s family on January 30, 2024.
Mr Sashidhar, as part of his machinations and working in concert with family members who were siphoning, unleashed litigation offensive. He used recovery of a loan granted in 1990s as a ruse to torment an aged and ailing Mr Kishor who left this world on May 20, 2024 lacerated in body and spirit.
Beautiful Diamonds Ltd (later Splendour Gems Ltd) took consortium loans in 1995, with HDFC’s share only 5 per cent (Rs 6.75 crore). When the account turned stressed in 2001, dues to HDFC were Rs 12.82 crore. By 2004, the DRT ordered recovery of Rs 14.75 crore plus interest, but while other lenders recovered and settled their claims by 2012–13, HDFC stayed inactive for 13 years.
Despite Kishor Mehta’s family paying Rs 13.7 crore, an amount that was more than the original dues, HDFC pursued insolvency and arrest warrants instead of asset recovery. In July 2025, the DRT withdrew the warrants, criticizing HDFC for 13 years of inaction and hinting at possible collusion with rival family members and said that the banker was motivated, lacking ‘clean hands.’ Plus many cash diary details, which brings great shame to the medical profession.