Dr. B.R. Shetty, founder of the NMC healthcare group and UAE Exchange, has filed a lawsuit against Bank of Baroda (BoB) and 25 others before the Bombay High Court, seeking $15 billion, or approximately Rs 1.44 lakh crore, in damages over alleged fraud, forged guarantees and reputational losses linked to the collapse of his business empire.
According to the plaint summary dated October 2026, Shetty has sought $5 billion each in direct and consequential damages against the defendants jointly and severally, along with interest at 18% per annum. He has also claimed an additional $5 billion from Bank of Baroda alone for alleged loss of reputation and goodwill.
The lawsuit names Bank of Baroda officers, former NMC Healthcare and UAE Exchange executives Prasanth and Promoth Manghat, their associates, and two Indian entities, Avitis Super Speciality Hospitals and SMARD Building Solutions.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
What Are B.R. Shetty's Allegations Against Bank of Baroda?
Shetty has alleged that Bank of Baroda facilitated transactions used to divert funds from group companies, ignored money-laundering alerts, extended unsecured loans and concealed lending exposures from auditors. He has also alleged that the bank relied on guarantees bearing his forged signatures.
The plaint claims that Shetty had relinquished control of the group companies before several of the disputed credit facilities were granted. It further alleges that unauthorised staff operated his personal bank account and that forged documents were used to implicate him in the transactions.
These allegations are claims made in the lawsuit and have not been established by the court.
Bank of Baroda's Earlier Settlement
The suit also refers to Bank of Baroda's settlement with the joint administrators of NMC Healthcare in June 2026 for approximately $600 million, or Rs 5,700 crore. The settlement was disclosed on July 2, 2026, without an admission of liability, according to the plaint.
Shetty argues that the settlement relates to the same underlying transactions and questions the bank's subsequent pursuit of claims against him.
What Has Shetty Sought From The Court?
Besides damages, Shetty has sought disclosure and preservation of bank records, details of funds allegedly transferred through the disputed transactions, and measures to protect assets held by certain defendants in India.
The case will bring renewed scrutiny to the allegations surrounding the collapse of the NMC group and the banking transactions at the centre of the dispute.
ALSO READ: TVS Feud: Mallika Srinivasan And Lakshmi Venu Say No Economic Settlement, Yet
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
