B. R. Shetty Sues Bank of Baroda for $15 Billion
B. R. Shetty filed a $15 billion lawsuit against Bank of Baroda, alleging the lender colluded with former executives to facilitate fraud and siphon funds.
NMC Healthcare founder Bavaguthu Raghuram Shetty filed a $15 billion civil lawsuit against the state-run Bank of Baroda and 25 other defendants in the Bombay High Court on October 13, 2026. Shetty seeks $5 billion in direct damages, $5 billion in consequential losses, and $5 billion for reputational harm, requesting 18% annual interest on the first $10 billion.
Shetty alleges the bank acted as an instrument of fraud by colluding with former NMC executives, including Prasanth and Promoth Manghat, to siphon funds and conceal debt. The lawsuit claims Bank of Baroda ignored over 100 anti-money laundering alerts, permitted suspicious round-tripping, and processed unauthorized transactions using forged signatures. Shetty asserts he relinquished control of the group in 2012 and stepped down as CEO in 2017, arguing that executives used forged instructions to route funds.
This legal action follows a settlement in June 2026, in which Bank of Baroda paid $600 million to the joint administrators of the insolvent NMC Health to resolve previous disputes without admitting liability. Shetty argues this settlement weakens the bank's claims against him.
In a regulatory filing on October 14, Bank of Baroda stated it had not yet been formally served with the court papers and could not comment on specific pleadings, though it declared it would firmly defend the case to protect its interests.
