India’s HDFC Bank is accused of selling the Credit Suisse Bonds to the foreign investors who were not eligible for such investment. Some UAE people are also said to be included in these investors.
Learn about the case in detail
The Economic Offenses Wing (EOW) of Nagpur Police of Maharashtra has filed a complaint against four senior officials of HDFC Bank in this case. In this, several top officials including the Managing Director of the bank have been called for questioning under the notice of July 11. It is alleged that these bonds were sold to people who were not in a position to understand or bear risky investment. The complaint states that the rules and the eligibility of investors were ignored in this process.
Facing investigation in both UAE and India
India’s HDFC Bank is now being processed in two countries-India and the United Arab Emirates (UAE)-where some foreign investors have alleged that the bank sold them risky AT1 (Additional Tier-1) bonds, whose information and risks were not reported properly.
Let us tell you that on 27 June 2025, this case came up by a report of Khaleej Times, including an investor’s statement. The same investor lodged a complaint with the Economic Offenses Branch of Nagpur Police in India (EOW). After this, on July 11, four senior officers of HDFC Bank (including Managing Director) have been summoned for questioning at 11 am on July 12, Saturday.
What are the allegations
It is alleged that the bank’s Dubai -based relationship managers sold AT1 bonds to investors in UAE, which were not eligible to buy these products. These AT1 bonds were completely submerged when Credit Suisse collapsed in March 2023. According to the rules of DFSA (Dubai Financial Services Authority), these bonds can only be sold to those whose net worth is more than $ 1 million or who experience complex investment products. Some investors were recorded as ‘professional clients’ by manipulating in KYC (Know Your Customer) forms, so that they would look eligible.
Investigation started or not
DFSA has not confirmed or denied whether they have initiated an inquiry against HDFC Bank, as privacy is mandatory under Article 38 of the Regulation Act. A Dubai -based investor, who lodged a police complaint in India, said, “Now we are seeing that the matter was not limited to only one country.”
What HDFC Bank said
At the same time, HDFC Bank has denied any wrong behavior on this matter and said that they have a concrete process in which the information and risks of the products are clearly stated. He has described the news of his chairman meeting DFSA officials as “estimates and rumors”.
