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.