Bank of Baroda to Fight $15 Billion Lawsuit by UAE Businessman Shetty
India’s Bank of Baroda said it would firmly defend its interests after UAE-based businessman and NMC Health founder B.R. Shetty filed a $15 billion lawsuit against the lender and 25 other defendants in the Bombay High Court. Shetty alleges that bank officials helped facilitate fraud that contributed to the collapse of NMC Health, once the Gulf’s largest private healthcare provider.
NMC Health was placed under administration in 2020 following financial mismanagement and disclosed debts of $6.6 billion. The lawsuit alleges that bank officials enabled round-tripping transactions, ignored anti-money laundering warnings and accepted documents with forged signatures. Shetty is seeking $5 billion in direct damages, $5 billion in consequential damages and another $5 billion for reputational harm.
Bank of Baroda said it had not yet been served with the lawsuit and could not comment on allegations that remain untested in court. The bank also stated that it was pursuing recovery proceedings against Shetty in India and the UAE over outstanding dues of 28 billion rupees ($294.57 million). The case comes three months after the lender agreed to pay $600 million to settle claims brought by NMC Health administrators.
Pic courtesy: google/ images are subject to copyright
