The complaint, filed in the Southern District of New York, centers on claims that HDFC Bank and its leadership withheld material information from shareholders. According to reports published by The Indian Express in May 2026, the bank allegedly masked Rs 45 crore—approximately $4.7 million—as marketing expenses to facilitate above-market interest rates for the Maharashtra State Road Development Corporation. By offering a 6.01% interest rate, the bank reportedly incentivized the corporation to maintain substantial deposits while labeling the extra premium as a road safety sponsorship.

An internal investigation reportedly identified more than ten senior officials involved in the arrangement, including CEO Sashidhar Jagdishan. Following the disclosure of these practices, HDFC shares fell 4.1%, closing at $23.78 on May 27, 2026. Kahn Swick & Foti, LLC, the firm representing the plaintiffs, is currently soliciting lead plaintiff applications for Soneji v. HDFC Bank Limited. Investors seeking to participate or discuss potential recovery for economic losses are directed to contact managing partner Lewis Kahn.