Bank of Baroda to Defend $15 Billion Lawsuit Filed by NMC Health Founder BR Shetty
Bank of Baroda says it will protect its interests after NMC Health founder BR Shetty filed a $15 billion lawsuit alleging that bank officials helped facilitate fraud linked to the healthcare group’s collapse.
Bank of Baroda has vowed to defend itself against a $15 billion lawsuit filed by BR Shetty, founder of UAE-based healthcare group NMC Health, in the Bombay High Court.
In a stock exchange filing on Wednesday, the state-owned lender said it had not yet received the lawsuit and could not comment on allegations that had not been tested in court. It added that it would take all necessary steps to protect its interests once formally served.
Shetty has accused the bank and 25 other defendants of facilitating fraud linked to NMC Health’s collapse. The allegations reportedly include enabling round-tripping transactions, ignoring anti-money laundering warnings and accepting documents bearing forged signatures.
The businessman is seeking $5 billion in direct damages, $5 billion in consequential damages and another $5 billion for reputational harm.
Bank of Baroda said it was pursuing recovery proceedings in India and the UAE over outstanding dues of ₹28 billion, or around $294.57 million, from Shetty. The bank also said it had obtained several decrees against him.
NMC Health, once the Gulf region’s largest private healthcare provider, entered administration in 2020 after financial irregularities came to light. The company subsequently disclosed debts of $6.6 billion, far above earlier estimates.
The latest lawsuit follows Bank of Baroda’s reported $600 million settlement with NMC’s administrators three months earlier. The new allegations remain subject to legal proceedings.
