Nagpur EOW Probes HDFC Bank CEO Over ₹6 Crore Deal
HDFC Bank’s MD & CEO Sashidhar Jagdishan is under investigation by the Economic Offences Wing (EOW) of Nagpur police over an alleged ₹6 crore misappropriation from the account of trader Narendra Singru. The probe follows a complaint that claims the bank invested the trader’s funds in overseas entities without his consent, and that his bond was essentially wiped out.
What the Complaint Alleges
Singru’s lawyer asserts that three years ago, a ₹6 crore bond deposited at HDFC’s Dhantoli branch was invested abroad, including in Bahrain-based firms. The complaint says the bank failed to explain the risks, and that the account balance later vanished without warning—raising suspicions of deliberate wrongdoing.
CEO and Other Officials Named
The complaint also names three senior HDFC officials: Komal Gupta (regional head), Ashish Nichani (associate director), and Yash Gajaria (relationship manager), along with Sashidhar Jagdishan. Police have confirmed receipt of the complaint and are conducting a detailed inquiry into these allegations.
Ongoing Legal Complexity
This case adds to existing legal scrutiny faced by Jagdishan from the Lilavati Trust, which has filed a separate FIR accusing him of financial misconduct tied to a loan recovery. HDFC Bank disputes both allegations, calling them “malicious and baseless”. The CEO had earlier defended the bank’s actions, stating they were lawful and part of standard recovery operations.
Next Steps in Investigation
The Nagpur EOW is gathering banking records, transaction history, and branch logs to assess whether there was deliberate misrepresentation or negligence. Any financial irregularities found could lead to formal charges. However, it may take weeks or months before the investigation concludes and official statements are made.
