Shetty files $15 billion suit against Bank of Baroda

Bavaguthu Raghuram Shetty has filed a $15 billion suit in the Bombay High Court against Bank of Baroda and 25 other defendants, alleging the lender helped enable financial misconduct linked to the collapse of NMC Healthcare. The allegations have not been established in court. The claim seeks $5 billion each for direct damages, consequential losses and reputational harm, according to the plaint. The reputational damages claim is directed at Bank of Baroda alone, while the other two claims are against the defendants collectively. Shetty also seeks annual interest of 18%, according to the filing. Bank of Baroda said in an October 14 regulatory filing that it had not been served with the suit and could not comment on pleadings that remain untested. It said it would defend the case and take necessary steps to protect its interests if served. Shetty alleges that the bank ignored more than 100 anti-money-laundering alerts and facilitated suspicious transactions, including the roundtripping of funds through NMC-related entities. The suit also alleges that bank officials accepted or acted on forged signatures and unauthorized instructions.