Dubai tycoon slaps $8 bn suit on BoB, EY in New York for ignoring 'fraud'

Founder of Dubai-based firm NMC Healthcare, B R Shetty, claims it sank because the two entities turned a blind eye to a series of allegedly fictitious transactions

Topics
Bank of Baroda | billionaires | Banks

Dev Chatterjee  |  Mumbai 

Dubai-based billionaire B R Shetty has sued Bank of Baroda and EY--the auditor of Dubai-based NMC Healthcare--along with Credit Europe Bank of the Netherlands in a New York court, accusing them of turning a blind eye to the series of alleged fictitious and fraudulent transactions, which resulted in the company going belly up.

Shetty has sought $8 billion in damages from the parties, A top official of NMC Healthcare confirmed the development to Business Standard and said despite several meetings with top Bank of Baroda officials in India, the lender did not take remedial steps for fear ...

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First Published: Thu, July 22 2021. 16:00 IST
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