Mumbai, October 14, 2026: Dr Bavaguthu Raghuram (BR) Shetty, founder of UAE-based NMC Healthcare and UAE Exchange, has filed a commercial suit in the Bombay High Court seeking over $15 billion (approximately Rs 1.43 lakh crore) in damages from a nationalised bank and others, alleging their role in the financial fraud that led to the collapse of his business empire.
The suit, filed through his power of attorney holder, Dr Shishir Shetty, names bank officials and former NMC executives Prasanth and Promoth Manghat as defendants.
Alleged Financial Irregularities
According to the suit, Shetty stepped away from daily operations between 2012 and 2017 to focus on philanthropy, during which the Manghat brothers allegedly took control of the group’s finances and siphoned off funds through fictitious supplier entities. He has also claimed that his signature was copied from an electronic template and used on loan guarantees without his consent.
Shetty has alleged that the bank facilitated round-tripping transactions, ignored over 100 internal anti-money laundering alerts and accepted illegal gratification to conceal borrowings from statutory auditors Ernst & Young.
Look Out Circular Challenged
He further claimed that after the irregularities surfaced in 2019, the bank portrayed him as a defaulter and allegedly procured a Look Out Circular that restricted his overseas travel for over three years. The Karnataka High Court later quashed the LOC.
Also Watch:
Damages Sought In Three Categories
The suit seeks $5 billion each for direct losses, lost business opportunities and income, and reputational damage. The allegations are yet to be adjudicated by the court.
Shetty is being represented by advocates Zulfiquar Memon, Waseem Pangarkar, Abhishek Gupta and Chinmay Bambarkar from MZM Legal LLP.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
