NMC Health Founder Files Legal Applications Against Bank of Baroda

Dr. Bavaguthu Raghuram Shetty, founder of NMC Healthcare, has moved the Bombay High Court to demand security for a $15 billion damages claim against Bank of Baroda. The legal filing, submitted in late October 2026, accuses the bank and 25 other defendants of collusion, negligence, and fraud.

In his applications, Shetty has requested that the bank either provide security for the full claim amount or formally disclose it as a contingent liability in its financial reports. He is also seeking the appointment of a court commissioner to oversee a forensic imaging process of the bank's electronic records, including its SWIFT and trade finance systems.

A central part of the request involves obtaining details regarding a $600 million settlement reached between the bank and NMC’s joint administrators in June 2026. Shetty is seeking access to the settlement agreement, board minutes, and communications with regulatory bodies.

The underlying lawsuit alleges that Bank of Baroda facilitated fraudulent transactions and fund siphoning after Shetty left his leadership role at the company. The bank has not yet provided a formal reply to these claims, and the allegations have not been tested in court.