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Class action lawsuit filed against HDFC Bank over alleged covert payments to induce deposits.

Market News
14 Aug 2026
Newsfile Corp
View Source
Bearish
pluang ai news

A class action lawsuit has been filed against HDFC Bank alleging it made covert payments of about $4.7 million to a state firm to induce large deposits, camouflaging these as marketing expenses. The complaint claims senior management, including the CEO, approved these payments, which likely violated regulations and overstated the bank's financials. Investors allege the bank's securities traded at inflated prices due to misleading statements. The lawsuit invites affected investors to join and seek recovery.

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