Bank of Baroda (BoB) has publicly stated it has not yet been served with a $15 billion lawsuit reportedly filed by BR Shetty, the founder of NMC Health and UAE Exchange. Media reports on October 14, 2026, indicated that Shetty initiated the suit in the Bombay High Court on October 13, 2026, accusing the public sector lender of significant financial misconduct.
Shetty's lawsuit alleges that certain BoB officials conspired with former executives of his group to siphon off funds and facilitate transactions designed to divert money from his companies. The complaint also reportedly claims that the bank overlooked multiple money-laundering alerts and accepted personal guarantees bearing forged signatures.
Bank of Baroda's Stance
In response to the media reports, Bank of Baroda issued a clarification, asserting that it has not received any official notification of such a lawsuit. The bank stated, "The Bank has not been served with such a suit and cannot comment on the contents of pleadings which are untested in court. If and when the Bank is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests."
Background of NMC Health's Collapse
NMC Healthcare, once a leading private healthcare provider in the UAE, faced a dramatic collapse in 2020 following a forensic audit that uncovered billions of dollars in previously undisclosed debt. Bank of Baroda was a significant lender to NMC's UAE operations, and the collapse triggered insolvency proceedings across multiple jurisdictions, including the Abu Dhabi Global Market Court and the High Court of Justice of England and Wales.
Earlier in July, Bank of Baroda had paid $600 million (approximately ₹5,700 crore) to settle disputes with the joint administrators of NMC Health PLC, NMC Healthcare Ltd, and NMC Holding. The bank clarified that this out-of-court settlement was aimed at resolving ongoing disputes and avoiding prolonged litigation and associated costs. BoB maintained at the time that the settlement resolved all claims without any admission of liability or wrongdoing, limiting its exposure to the agreed amount. That settlement led to the discontinuation of proceedings in the Abu Dhabi Global Market Court, where previous claims against the bank had included allegations of fraudulent conduct and negligence.