UAE businessman BR Shetty seeks $15 billion from Bank of Baroda in lawsuit

what happened

Bank of Baroda told the stock exchange that it had noted a suit filed against it by Dr Bavaguthu Raghuram Shetty in the Bombay High Court on 13 October 2026. The bank said it had not been served with the suit and so could not comment on pleadings that have not been tested in court. It added that it would firmly defend the case and take all necessary steps to protect its interests once it is formally served. The disclosure was made under SEBI LODR Regulations, 2015.

Shetty, an Indian-born UAE businessman and former billionaire, founded NMC Health, UAE Exchange, Neopharma and Finablr. He is seeking $15 billion in damages from the bank and several of its officials, alleging they facilitated transactions linked to fraud that led to the collapse of his business empire. The claim includes $5 billion in direct damages, $5 billion in consequential losses such as lost business opportunities, and $5 billion for reputational harm. The first two claims target all defendants, while the reputational claim targets only the bank. He also seeks 18% annual interest.

why it matters

The case concerns a major Indian state-run lender and a high-profile claimant, so investors will watch whether the suit is formally served and how the bank responds. Until the court takes up the claim, its outcome and financial impact remain unclear.

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