B.R. Shetty Initiates $15 Billion Lawsuit Against Bank of Baroda
Dr. B.R. Shetty has filed a lawsuit seeking $15 billion from Bank of Baroda and others, alleging fraud and reputational damage.
Shetty claims $15 billion in damages due to alleged fraud and forged guarantees.
The lawsuit names Bank of Baroda and several former executives as defendants.
Shetty seeks preservation of bank records and details of disputed transactions.
Dr. B.R. Shetty, the founder of NMC Healthcare and UAE Exchange, has filed a significant lawsuit against Bank of Baroda and 25 other parties in the Bombay High Court, demanding $15 billion in damages. This legal action stems from allegations of fraud, forged guarantees, and reputational harm linked to the downfall of his business empire. The suit was officially filed in October 2026, highlighting the gravity of the claims made by Shetty.
In the lawsuit, Shetty has requested $5 billion each in direct and consequential damages against all defendants, in addition to another $5 billion specifically from Bank of Baroda for alleged reputational losses. The defendants include Bank of Baroda officials and former executives from NMC Healthcare and UAE Exchange, as well as two Indian entities, Avitis Super Speciality Hospitals and SMARD Building Solutions.
Shetty's allegations against Bank of Baroda are serious, claiming that the bank facilitated transactions that diverted funds from his companies, ignored warnings related to money laundering, and provided unsecured loans while hiding lending exposures from auditors. He also asserts that the bank relied on guarantees with his forged signatures, further complicating the matter. According to the lawsuit, Shetty had already relinquished control of the group companies before many of the disputed loans were issued.
The implications of this lawsuit extend beyond Shetty's personal grievances. It raises questions about the banking practices at Bank of Baroda and the broader implications for the financial industry in India. The case is expected to attract significant media attention and public scrutiny, particularly given the previous settlement between Bank of Baroda and NMC Healthcare's joint administrators for approximately $600 million in June 2026, which Shetty argues is related to the same transactions.
As the case progresses, Shetty is also seeking the court's intervention to ensure the preservation of bank records and details regarding the funds involved in the disputed transactions. The outcome of this lawsuit could have far-reaching consequences for the parties involved and may lead to further investigations into the financial dealings surrounding the NMC group and Bank of Baroda.
