HDFC Bank addressed media articles published on June 7, 2025, regarding accusations of financial fraud against its MD & CEO by the Lilavati Hospital trust.
The bank unequivocally rejected these allegations, stating they are malicious, baseless, and constitute a gross misuse of the legal process.
HDFC Bank asserted that these actions are a deliberate attempt by the Mehta family, owners of Splendour Gems Limited (formerly Beautiful Diamonds Limited), to thwart the recovery of a long-outstanding loan.
Splendour Gems Limited defaulted on loan facilities granted in 1995. The outstanding dues to HDFC Bank, including interest, amount to approximately INR 65.22 crore as on May 31, 2025.
The bank claimed that the Mehta family has previously initiated multiple legal actions and complaints against the bank and its officials, which have largely been dismissed or are under legal challenge.
HDFC Bank views these allegations as retaliatory and an attempt to obstruct legitimate recovery proceedings and malign the bank's reputation.
The bank reiterated its commitment to high corporate governance standards and stated it would continue to pursue all lawful remedies to recover public funds and defend its reputation and integrity.