B.R. Shetty, founder of the NMC healthcare group and UAE Exchange, has sued Bank of Baroda and 25 others in the Bombay High Court, seeking $15 billion over alleged fraud, forged guarantees and reputational losses linked to the collapse of his business empire. The claims are allegations attributed to the lawsuit; they have not been established by a court.
What Shetty is seeking
NDTV Profit reported on October 13, 2026, that Shetty filed the suit in the Bombay High Court. Its account of the pleading says he seeks damages from the defendants jointly and severally, as well as a separate amount from Bank of Baroda. The report gives the total as $15 billion, approximately Rs 1.44 lakh crore.
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The reported breakdown is $5 billion each for direct and consequential damages against the defendants, plus another $5 billion from Bank of Baroda alone for alleged loss of reputation and goodwill. The plaint summary also reportedly requests interest at 18% a year. These are amounts claimed, not damages awarded. Because the plaint itself was not available for independent review, the precise legal construction of the figures should be treated as NDTV Profit’s account of the filing.
| Reported claim | Amount | What it represents |
|---|---|---|
| Direct damages | $5 billion | Claimed against defendants jointly and severally, according to NDTV Profit’s plaint summary. |
| Consequential damages | $5 billion | Claimed against defendants jointly and severally, according to the same report. |
| Reputation and goodwill | $5 billion | Reported as an additional claim against Bank of Baroda alone. |
| Interest | 18% per year | Reported as requested in the plaint summary; the report does not establish how a court would treat it. |
The three reported damage amounts add to $15 billion. That arithmetic describes the report’s summary, not a court-verified calculation or finding on liability.
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What the suit alleges about the bank
According to the plaint summary described by NDTV Profit, Shetty alleges that Bank of Baroda facilitated transactions used to divert funds from group companies, failed to act on money-laundering alerts, extended unsecured loans and concealed lending exposures from auditors. The suit reportedly also alleges that the bank relied on guarantees bearing forged signatures.
The filing is said to argue that Shetty had relinquished control of group companies before some of the disputed credit facilities were granted. It reportedly further claims that unauthorized bank staff operated his personal account. These assertions are the plaintiff’s account of events, not established facts. The reported material does not provide a court finding on whether the guarantees were forged, whether alerts were ignored or whether the bank’s conduct caused the claimed losses.
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How the $600 million settlement fits in
Bank of Baroda separately disclosed on July 2, 2026, that it had settled claims with the joint administrators of NMC Health PLC, NMC Healthcare Ltd and NMC Holding Ltd for $600 million, approximately Rs 5,700 crore. The bank said the settlement resolved claims between those NMC parties and the bank without admission of liability or wrongdoing; other terms were confidential.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteThat settlement is distinct from Shetty’s Bombay suit. It involved NMC entities and their administrators, while Shetty’s reported new case names the bank and 25 others. The settlement amount is not an award in Shetty’s case, and the bank’s stated no-admission position means it should not be presented as proof of his allegations.
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The bank’s disclosure described proceedings in the Abu Dhabi Global Market (ADGM) Court of First Instance and the High Court of Justice in England and Wales. It said the ADGM trial began on March 23, 2026, and the English proceedings had been stayed pending the ADGM outcome. A July 9 update from Fountain Court Chambers, counsel for the NMC parties, said the ADGM trial ran for 15 weeks from March to July, that the bank settlement took place during closing arguments, and that claims against Shetty and Prasanth Manghat continued. The trial concluded on July 3, with judgment reserved at that time. That July update does not establish the proceedings’ status on October 13.
The earlier New York case is separate
Shetty and Neopharma also brought a separate $8 billion action in New York in 2024 against banks, auditors and others. Bar and Bench reported that a New York state court dismissed that action. The reported dismissal concerns that case; it does not determine the merits or outcome of the later Bombay suit.
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What is not yet clear from the reported filing
NDTV Profit’s account does not provide the Bombay High Court case number or the exact filing date, and the primary plaint was not available in the material described here. The available reporting also does not establish Bank of Baroda’s response to the new suit. Those details matter: the filed pleading and any subsequent court orders would be needed to confirm the exact claims, procedural status and the bank’s position.
For now, the distinction is straightforward: Shetty is reported to have sought $15 billion and accused the bank and others of conduct connected to NMC’s collapse, while the claims remain allegations rather than adjudicated findings. The earlier administrator settlement and the separate New York dismissal do not resolve the Bombay case.
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