India, June 8 -- An FIR has been filed against HDFC Bank's MD and CEO, Sashidhar Jagdishan, over his alleged involvement in a series of financial frauds, a claim which has been denied by the bank.

The allegations were brought up by a certain Mehta family that defaulted on a bank loan provided back in 1995, HDFC reportedly said, informing stock exchanges. The Mehta Family has filed a complaint against HDFC Bank's MD and CEO through Lilavati Kirtilal Medical Trust.

According to the HDFC Bank spokesperson, Jagdishan is being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long-outstanding loan due to the bank's recalcitrant defaulters.

"In response to ongoing recovery proceedings, members o...