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

Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. 

A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior