Dr. BR Shetty, founder of Abu Dhabi-based NMC Healthcare, has filed a civil suit in the Bombay High Court against Bank of Baroda and twenty-five others, seeking fifteen billion dollars, or approximately 1.44 lakh crore rupees, in damages. The petition alleges that Bank of Baroda sanctioned collateral-free loans and facilitated the diversion of funds alongside former NMC executives Pramod and Prashant Mangat, despite over one hundred anti-money laundering alerts and multiple irregularities. Following a 2019 report by short seller Muddy Waters exposing high debts in NMC Healthcare, legal proceedings had commenced in Abu Dhabi. In response, Bank of Baroda stated to stock exchanges that it has not yet been served with the suit and will firmly defend its interests.
