India's HDFC Bank backs CEO in fraud allegation

HDFC Bank has strongly denied allegations made by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which called for the suspension and prosecution of bank's managing director and CEO, Sashidhar Jagdishan, in an alleged financial fraud, which the bank termed as "baseless and malicious".

- MUMBAI

HDFC Bank said it has obtained “comprehensive legal advice and representation in this regard” and will defend its MD and CEO'S reputation.