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The Bombay High Court on Tuesday quashed a bribery case against HDFC Bank MD and CEO Sashidhar Jagdishan filed by the Lilavati Kirtilal Mehta Medical Trust, calling the complaint a "counterblast" to the bank's recovery proceedings to reclaim dues of over Rs 65 crore. A division bench of Justices M S Karnik and N R Borkar stated that financial institutions are bound to initiate proceedings for recovery of loan amounts, and observed that the complaint was a result of the acrimony and strained relations between the Trust's past and present trustees. Lilavati Kirtilal Mehta Medical Trust runs Lilavati Hospital in Bandra. "In our view, the complaint is nothing but a counterblast to the recovery proceedings initiated, and the materials on record do not at all justify an investigation into the claim made by the complainant," the court said. It also refused to accept the complainant's claim that the Trust's founder, Kishore Mehta, died in 2024 because of pressure mounted by the bank and sa
Three officials of leading private banks were arrested for their alleged involvement in a Rs 2,500-crore cyber fraud racket in Gujarat's Rajkot district, bringing the number of those held so far in the case to 20, police said on Monday. Those arrested were identified as Maulik Kamani, a personal manager at Yes Bank in Padadhari; Kalpesh Dangariya, a manager at Axis Bank in Jamnagar; and Anurag Baldha, a personal banker with HDFC Bank, Rajkot (Rural) Superintendent of Police Vijay Gurjar said. Dangariya and Baldha were previously employed with Yes Bank, he added. Kamani allegedly assisted the earlier arrested accused in opening and managing suspicious accounts. He also helped bypass banking alerts triggered by high-value transactions by submitting additional documentation to keep accounts active, the SP said. Kamani was allegedly involved in cash withdrawals that were later routed through hawala channels (illegal money transfer system), supported by digital evidence recovered from h