HDFC Bank’s Managing Director and CEO, Sashidhar Jagdishan, is facing fresh allegations of financial misconduct, as the Economic Offences Wing of Nagpur police begins an investigation into a case involving the misappropriation of around ₹6 crore. The complaint, filed by Nagpur-based trader Narendra Singru through his lawyer Ashutosh Ranjan, accuses Jagdishan and other senior bank officials of siphoning off funds from his account.
According to the complaint, nearly three years ago, HDFC Bank’s Dhantoli branch took a ₹6 crore bond from Singru and invested it in overseas agencies, including entities based in Bahrain. It is alleged that the bank did not inform the account holder about the potential financial risks associated with the investment. Over time, the account balance was reduced to zero without notifying the client.
“This is a clear-cut case of financial fraud. The bank never warned my client of the associated risks, and the funds were deliberately drained,” said Ranjan, urging authorities to take strict action against the bank officials involved.
This case adds to the controversy already surrounding Jagdishan, who is also under scrutiny in another financial fraud case related to the Lilavati Kirtilal Mehta Medical Trust in Mumbai.
The complaint further names Komal Gupta, regional head; Ashish Nichani, associate director; and Yash Gajaria, relationship manager of HDFC Bank as accused in the financial misconduct case.
Deputy Commissioner of Police (EOW), Nagpur City, Mahak Swami, confirmed receipt of the complaint. “We have just received the complaint. The matter is under inquiry and investigations are on,” she said.
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