Mumbai, June 7 – A fresh controversy has erupted around the prestigious Lilavati Kirtilal Mehta Medical Trust (LKMM), as it has accused HDFC Bank CEO Sashidhar Jagdishan of financial misconduct and urged punitive action against him. The Trust has submitted handwritten diary entries as evidence, alleging the top banker received ₹2.05 crore to harass the father of a current trustee.
Serious Allegations and Demand for Action
According to an NDTV report, trust members appeared before a Mumbai court on Saturday and demanded Jagdishan’s suspension and prosecution, citing a recent FIR and court order. The Trust has also accused eight individuals, including former office bearers, of embezzlement, financial fraud, criminal conspiracy, evidence tampering, and obstruction of justice.
The diary, which was allegedly recovered by current trustees, reportedly documents the financial transaction involving Jagdishan and a former trustee who was attempting to intimidate a fellow trustee’s family member.
Backdrop of Internal Feud and Massive Financial Irregularities
The Lilavati Trust has been embroiled in a bitter feud between the Kishor Mehta and Vijay Mehta families, culminating in the Kishore Mehta group regaining control in 2023 after a prolonged legal battle.
This latest accusation comes shortly after the Economic Offences Wing (EOW) of Mumbai Police registered an FIR in a ₹11.52 crore criminal breach of trust and cheating case. That FIR, filed by permanent trustee Prashant Kishor Mehta, is the third case related to the ongoing Trust dispute.
According to reports, Rashmi Mehta, Niket Mehta, Sushil Mehta, Bhavin Mehta, Chetan Mehta, and Suresh Motwani are accused of misappropriating ₹16.52 crore by secretly investing Trust funds in Mayfair Realtors Pvt. Ltd. and Vesta India Ltd. between 2001 and 2003, often using cash transactions to avoid detection.
About the Trust
Founded in 1978 by Kirtilal Mehta, the Lilavati Kirtilal Mehta Medical Trust manages Lilavati Hospital, one of Mumbai’s most reputed private hospitals. The hospital was built by his son Kishor Mehta, while other family members, including those from the Vijay Mehta branch, were inducted into the Trust over time.
Current Status
- Three FIRs have now been filed in connection with alleged fraud in the Trust.
- The Trust is seeking legal action against top corporate executives, including the CEO of HDFC Bank.
- The matter continues to unfold, with court hearings and investigations expected to intensify in the coming days.
