HDFC Bank has denied Lilavati Trust`s allegation that the bank`s MD and CEO Sashidhar Jagdishan was involved in a series of financial frauds.

The allegation levelled by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), its trustees and officials against the bank`s MD and CEO are baseless and malicious, an HDFC Bank`s spokesperson said.

"The outrageous and preposterous allegations are strongly and categorically denied," the spokesperson said in a statement.