India's Bank of Baroda to 'defend interests' after BR Shetty's $15bn lawsuit
India's Bank of Baroda on Wednesday said it would protect its interests, a day after UAE-based businessman and founder of NMC Health BR Shetty filed a $15 billion case against the lender and 25 other defendants at Bombay High Court. Mr Shetty alleged the Bank of Baroda and several current and former employees helped facilitate a fraud that contributed to the collapse of the Middle East healthcare…
BR Shetty has filed a $15 billion lawsuit against Bank of Baroda and 25 other entities, alleging that the defendants aided in a fraud involving his businesses and threatened to demand repayment under guarantees he claims he never signed. The lawsuit was filed in the Bombay High Court on Tuesday, according to Reuters. Shetty's allegations include forged signatures, disputes over transfers, and repeated money-laundering alerts that the bank allegedly failed to address.
Bank of Baroda stated that they had not received the lawsuit and would defend themselves in court, while continuing to pursue outstanding dues from Shetty.
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