‘Not served with any suit…’: Bank of Baroda clarifies after NMC Health’s founder BR Shetty files $15 billion lawsuit
BR Shetty, founder of NMC Healthcare and UAE Exchange, has alleged that certain officials of the public sector lender, BoB, colluded with former executives of the group to siphon off funds and facilitated transactions used to divert money from the companies.
- Oct 14, 2026,
- Updated Oct 14, 2026 9:50 AM IST
Bank of Baroda said it has not been served with any lawsuit and if and when it does, it will defend the suit firmly. This comes after BR Shetty, founder of NMC Healthcare and UAE exchange filed a $15 billion suit against the lender accusing it of colluding with its former executives to siphon off funds.
“We wish to inform that Bank of Baroda has seen media reports of a suit said to have been filed by Dr Bavaguthu Raghuram Shetty in the Bombay High Court on 13th October, 2026. The Bank has not been served with such a suit and cannot comment on the contents of pleadings which are untested in court. If and when the Bank is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests,” it said.
WHAT’S THE LAWSUIT ABOUT?
BR Shetty, founder of NMC Healthcare and UAE Exchange, has alleged that certain officials of the public sector lender, BoB, colluded with former executives of the group to siphon off funds and facilitated transactions used to divert money from the companies. The complaint also reportedly alleges that the bank failed to act on multiple money-laundering alerts and that personal guarantees bearing forged signatures were used.
NMC Healthcare, once among the largest private healthcare providers in the UAE, collapsed in 2020 after a forensic audit uncovered billions of dollars in previously undisclosed debt.
Bank of Baroda was among the major lenders to NMC’s UAE operations. The collapse triggered insolvency proceedings across jurisdictions, including before the Abu Dhabi Global Market Court and the High Court of Justice of England and Wales.
DON'T MISS | Bank of Baroda shares fall 3% amid clarification on $15 billion lawsuit
In July, Bank of Baroda paid $600 million, or around ₹5,700 crore, to settle disputes with the joint administrators of NMC Health PLC, NMC Healthcare Ltd and NMC Holding. The bank said the out-of-court settlement was intended to conclude the disputes and avoid prolonged litigation, uncertainty and associated costs.
The lender maintained that all claims were resolved without any admission of liability or wrongdoing and that its liability in the proceedings was limited to the settlement amount. The settlement led to the discontinuation of proceedings in the Abu Dhabi Global Market Court.
Earlier claims against the bank in Abu Dhabi had alleged fraudulent conduct and failure to exercise proper care. Insolvency claims involving alleged fraudulent trading were also brought against Shetty, former NMC executive Prashant Manghat and Bank of Baroda.
MUST READ | BT Explainer: Why Bank of Baroda paid $600 mn to end a years-long NMC Health dispute
Bank of Baroda said it has not been served with any lawsuit and if and when it does, it will defend the suit firmly. This comes after BR Shetty, founder of NMC Healthcare and UAE exchange filed a $15 billion suit against the lender accusing it of colluding with its former executives to siphon off funds.
“We wish to inform that Bank of Baroda has seen media reports of a suit said to have been filed by Dr Bavaguthu Raghuram Shetty in the Bombay High Court on 13th October, 2026. The Bank has not been served with such a suit and cannot comment on the contents of pleadings which are untested in court. If and when the Bank is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests,” it said.
WHAT’S THE LAWSUIT ABOUT?
BR Shetty, founder of NMC Healthcare and UAE Exchange, has alleged that certain officials of the public sector lender, BoB, colluded with former executives of the group to siphon off funds and facilitated transactions used to divert money from the companies. The complaint also reportedly alleges that the bank failed to act on multiple money-laundering alerts and that personal guarantees bearing forged signatures were used.
NMC Healthcare, once among the largest private healthcare providers in the UAE, collapsed in 2020 after a forensic audit uncovered billions of dollars in previously undisclosed debt.
Bank of Baroda was among the major lenders to NMC’s UAE operations. The collapse triggered insolvency proceedings across jurisdictions, including before the Abu Dhabi Global Market Court and the High Court of Justice of England and Wales.
DON'T MISS | Bank of Baroda shares fall 3% amid clarification on $15 billion lawsuit
In July, Bank of Baroda paid $600 million, or around ₹5,700 crore, to settle disputes with the joint administrators of NMC Health PLC, NMC Healthcare Ltd and NMC Holding. The bank said the out-of-court settlement was intended to conclude the disputes and avoid prolonged litigation, uncertainty and associated costs.
The lender maintained that all claims were resolved without any admission of liability or wrongdoing and that its liability in the proceedings was limited to the settlement amount. The settlement led to the discontinuation of proceedings in the Abu Dhabi Global Market Court.
Earlier claims against the bank in Abu Dhabi had alleged fraudulent conduct and failure to exercise proper care. Insolvency claims involving alleged fraudulent trading were also brought against Shetty, former NMC executive Prashant Manghat and Bank of Baroda.
MUST READ | BT Explainer: Why Bank of Baroda paid $600 mn to end a years-long NMC Health dispute