InfraLive September-15, 2025

“Cash Diary” shows 85 entries in 2 years www.infralive.com 49 InfraLIVE September 15, 2025 Cash Diary as part of FIR Besides others, HDFC’s MD & CEO name also appear as one of the recipients of cash totally Rs 2.045 cr Part-9 “Cash Diary” shows 85 entries in 2 years before the High Court, followed by Supreme Court for the cancellation of FIR, but his petition was dis- missed by the apex court. Chetan Mehta has filed revision petition before the Sessions Court, where thematter is pending. All these FIRs, including the earlier three FIRs mentioned in Parts 7 & 8 of the story have since been transferred to the Economic Offence Wing (EoW) of Mumbai Police for investigation. However, it is learnt that EoW is simply doing nothing on these FIRs. In this matter, we have observed one interesting coincidence. The T r u s t u n d e r G r o u p - 2 h a d appointed Mr Sashidhar as Finan- cial Advisor (FA) on February 2, 2022 (pg 21), and this cash diary's very first entry (shown below) is also of the same date. Though he denies having received any money, but he has not denied his appoint- ment as FA. On the basis of this FIR, the Enforcement Directorate (ED) has also registered a case vide ECIRNo. 23 of 2025. So, now in this matter Mr Sashidhar is facing two investiga- tions: One by EoW of Mumbai Police, and the other by ED. As per the Reserve Bank of India (RBI)'s norms, the CEO of a private bank must meet its “fit and proper” criteria. This includes demonstra- tion of a strong track record of integrity, judgment, and a commit- ment to ethical conduct. And the banks are mandated to perform thorough due diligence and contin- uousmonitoring to ensure that they meet this "fit and proper" criteria, throughout their employment. This matter has been widely reported in themedia, but strangely the RBI has so far maintained a hands-off approach when it comes to taking action against this high profile banker. art-8 of the story shows P the legal stipulations of how not even one rupee is allowed to be used for personal benefits by the Trustees. But, the members of Group-2 were allegedly engaged in massive loot. The Trust under Group-1 filed a complaint with the Police in which it attached copies of 20 pages of a “Cash Diary” showing that instruc- tionswere being issued by theMem- bers of Group-2 for cash payments to self, lawyers, and Mr Sashidhar of HDFC. The said Cash Diary shows a total of 85 entries involving pay- ment of Rs 169,150,000. In 2022 there were 49 entries showing cash payments of Rs 62,450,000, and in 2023 there were 36 entries of Rs 106,700,000. Out of this, 11 entries men t i oned t he name o f Mr Sashidhar having received Rs 20,450,000, though he has denied it in court filings. The relevant part of these pages of the cash diary related to him is scanned and shown below&at pg 50. When the police did not take any action on the complaint, the Trustee approached the court, which on May 29, 2025 ordered for registration of FIR (scan at pg 51 to 53). On May 31, 2025 the Police registered FIR vide No. 818 against Mr Sashidhar & seven members of Group-2 (scan at pg 54 to 56). Mr Sashidhar filed a petition Allegation of Rs 17 Cr loot, including Rs 2 Cr by Sashidhar Payments to Sashidhar as shown in "Cash Diary" Sl Date Amount 1 16.03.2022 10,00,000 2 27.05.2022 20,00,000 3 17.06.2022 15,00,000 4 08.08.2022 25,00,000 5 05.10.2022 25,00,000 6 17.10.2022 4,50,000 7 05.12.2022 25,00,000 8 21.02.2023 17,00,000 9 04.04.2023 19,00,000 10 09.05.2023 24,00,000 11 21.06.2023 20,00,000 Total 2,04,50,000 Same as the appointment date of Mr Sashidhar as FA