B.R. Shetty Files $15 Billion Lawsuit Against Bank of Baroda Over NMC Fraud

B.R. Shetty has initiated legal proceedings in the Bombay High Court seeking $15 billion in damages from Bank of Baroda and 25 other defendants. The claim includes $5 billion for direct damages, $5 billion for consequential losses, and $5 billion for reputational harm, alongside a demand for 18% annual interest.

The lawsuit alleges that the bank facilitated fraudulent transactions linked to the collapse of NMC Healthcare by ignoring anti-money laundering alerts and processing unauthorized transfers. The filing claims that bank officials provided guidance on structuring transactions to evade regulatory scrutiny and accepted forged signatures on financial documents.

Additional allegations involve the bank’s failure to investigate suspicious account activity and the potential improper influence of bank staff by former NMC executives. The defendants named in the suit include former NMC leadership, corporate entities, and multiple bank officials. These claims remain unproven in court and follow the 2020 collapse of the healthcare group, which revealed billions in previously undisclosed debt.