It has questioned inconsistencies in HDFC Bank’s allegations, including the sudden appearance of a Rs 65 crore loan figure related to Splendour Gems—a matter dormant for over a decade—contradicting earlier court documents citing only Rs 5 crore outstanding.
It has also raised questions about why there was no action taken by HDFC Bank between 2005 and 2019 and points to Jagdishan’s personal association with Chetan Mehta, who was recently convicted of criminal defamation in Dubai.
The Trust has also challenged HDFC Bank to produce any loan agreement or official ledger validating its claims, emphasising that it has never been a borrower but rather a lender, having deposited Rs 48 crore in fixed deposits and bonds with the bank.
It has also highlighted the bank’s failure to notify regulators about the criminal defamation case against Jagdishan, which shows serious allegations against him, including accepting free medical treatment, facilitating a Rs 2.05 crore bribe, and making unauthorised deposits and payments in contempt of a High Court injunction.
The Trust insists that its legal actions are not retaliatory but necessary to defend its reputation and uphold institutional accountability.
