Mumbai: HDFC Bank denied the allegations of Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) and described it as “baseless and malicious”. The LKMM Trust has demanded suspension of HDFC Bank Managing Director and CEO Shashidhar Jagdishan for alleged financial fraud.

HDFC Bank says that he has taken legal advice on the matter and will protect the image of his MD and CEO. HDFC Bank said in its official statement, “The allegations made by the Lilavati Trust, its trusts and officials against the bank’s MD and CEO are unfounded and malicious. The abusive and abusive allegations are strengthened and clearly denied.”

The Lilavati Trust, which oversees a major healthcare institute in Mumbai, on Saturday demanded immediate suspension of Jagdishan and prosecute him and accused him of involvement in several financial frauds to the trust.

It is alleged against Jagadishan that a former member of LKMM gave him Rs 2.05 crore for the sole purpose to harass the father of an existing member of the trust. The petitioners have alleged that the transaction was recorded in a hand -written diary. The diary was recovered by the current members.

A spokesman for HDFC Bank said that it is a case of recovery of outstanding loans for a long time. The bank spokesperson further said, “Trustee Prashant Mehta and his family members owe HDFC Bank, which has never been repaid. The bank has taken recovery and enforcement action in the last two decades and at every level Prashant Mehta and other members of his family have resorted to many disturbing legal action.”

The spokesperson further said, “After continuous failure at all levels including the Supreme Court, he has now resorted to malicious personal attacks on the bank’s MD and CEO, whose only purpose is to scare and threaten the bank and its MD and its MD and CEO to fulfill the order to recover all outstanding loans in every possible way under the law.”

The spokesman said, “The bank is confident that our judicial process will recognize the trustee to tarnish the image of the bank and its MD and CEO and the fraudulent intentions and devious objectives of the Lilavati Trust officials.”