In a letter dated June 5, the Trust alleged that senior officials at HDFC Bank facilitated the diversion of ₹25 crore through a suspicious property transaction, failing to flag the transfer despite red alerts and allowing the closure of the account without proper investigation.
The Trust's demand is supported by a May 30 order from a Mumbai Magistrate Court directing the Bandra police to register an FIR against Jagdishan and seven others.
The FIR, reviewed by NDTV Profit, includes claims that Jagdishan received ₹2.05 crore from a former Trust member to allegedly harass the father of a current trustee. This transaction was reportedly documented in a handwritten diary recovered by current Trust members.
The court noted that the conditions to initiate a criminal complaint had been met and instructed the police to gather further evidence. The Trust expressed concerns that former members might have destroyed additional proof.
This development follows a prior judgment by the Bombay High Court. On September 18, a division bench comprising Justices Bharati Dangre and Manjusha Deshpande dismissed a complaint filed by a Lilavati trustee to the State Minorities Commission.