Corporate espionage: HDFC Bank denies allegations about its role

Asserts this is an attempt to malign its reputation

Denying any role in corporate espionage, HDFC Bank today said any suggestion that bank may have indulged in any wrongdoing is completely baseless and untrue.

"We state that these allegations, apart from being baseless and untrue, are defamatory and an attempt to malign the reputation of Bank," HDFC Bank said in a statement.

The Central Bureau of Investigation (CBI) yesterday had arrested three people, including two finance ministry officials, for allegedly selling confidential government documents to a well-known chartered accountant, which was passed on to corporate houses.

Press Trust of India (PTI) reported the companies that came under the scanner for allegedly benefiting from the documents included HDFC Bank, IndusInd Bank, DLF Limitless Pvt Ltd, Glenmark Pharmaceuticals and Novalead Pharmaceuticals.

“We have read with utter dismay the media reports and the allegations made therein. We are shocked at our name being mentioned in them. We categorically deny having known or heard of, let alone interacted with, the individual named in these news reports”, bank said.

The Bank has always adhered to the highest standards of integrity and propriety in our business conduct, and will continue to do so in the future, the statement said.