Mumbai: Indian businessman Dr B.R. Shetty has filed a USD 15 billion damages lawsuit against Bank of Baroda (BoB) and 25 other defendants, alleging their involvement in financial irregularities linked to NMC Healthcare and UAE Exchange.
The lawsuit alleges that bank officials facilitated suspicious transactions, ignored compliance warnings and helped route funds through accounts without Shetty's knowledge.
What Are The Major Allegations?
According to the claims, Bank of Baroda officials allegedly facilitated fund transfers through accounts belonging to purported sham suppliers.
Shetty has alleged that certain transactions were conducted through accounts in his name without his knowledge or authorisation.
The lawsuit also claims that personal guarantees carrying his forged signature were used to secure loans.
These allegations remain subject to judicial scrutiny.
Over 1,000 Money Laundering Alerts
The lawsuit alleges that Bank of Baroda failed to adequately investigate repeated anti-money-laundering (AML) alerts involving suspicious transactions.
More than 1,000 alerts reportedly linked to Bright Rise transactions were generally closed without investigation until March 2019.
It further alleges that bank officials helped structure transactions to avoid regulatory scrutiny.
According to the claims, AED 42 million was transferred to NMC executives from a contractor's account between May 2018 and January 2019.
Shetty Seeks USD 15 Billion Compensation
Shetty is seeking USD 15 billion in damages, citing alleged financial fraud, reputational harm and consequential losses.
The claim includes an annual interest demand of 18 percent on USD 10 billion in alleged direct and consequential damages.
The lawsuit also alleges that funds were channelled into Indian entities, including Avitis and SMARD.
Bank Of Baroda's Earlier Settlement
In July 2026, Bank of Baroda agreed to pay USD 600 million to settle litigation involving NMC Health.
The settlement resolved claims brought by NMC-related entities and their joint administrators without any admission of wrongdoing by the bank.
Shetty's fresh lawsuit raises separate allegations concerning the bank's alleged role in the financial controversy.
The allegations have not been established by a court.
