Who is BR Shetty? UAE businessman in focus as he seeks $15 billion in damages from Bank of Baroda
Bank of Baroda on Wednesday said it had taken note that Dr Bavaguthu Raghuram Shetty had filed a suit against the bank in the Bombay High Court on 13 October 2026. In an exchange filing, the bank clarified that it had not been served with the suit and was therefore unable to comment on the contents of the pleadings, which have not been tested in court.
The bank said it would firmly defend the suit and take all necessary steps to protect its interests if and when it was formally served. The disclosure was made pursuant to the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
Here’s a look at who is B.R. Shetty and what is the case all about:
Dr. Bavaguthu Raghuram Shetty (B. R. Shetty) is an Indian-born UAE businessman and former billionaire who founded major enterprises such as NMC Health, UAE Exchange, Neopharma, and Finablr.
As per his Linkedin profile, he started his innings in 1974 with the launch of New Medical Centre (NMC), the first private healthcare facility in UAE. His commitment to provide state-of-the-art facilities enabled NMC to be listed on the London Stock Exchange and included as a part of the coveted FTSE100 index.
The burgeoning expatriate population in UAE triggered the need for a formal and safe money transfer channel. Dr. Shetty sensed an opportunity in that challenge and ventured into the remittance sector by launching UAE Exchange in 1980. He identified an opportunity in currency exchange business and acquired Travelex. All these leading brands are now a part of the holding company – Finablr. Finablr was listed on the London Stock Exchange in May 2019.
What is his allegations against Bank of Baroda?
He seeking $15 billion in damages from Bank of Baroda and several of its officials, alleging that they helped facilitate transactions linked to the financial fraud that led to the collapse of his business empire.
Shetty has sought $5 billion in direct damages, $5 billion for consequential losses, including lost business opportunities, and another $5 billion for reputational damage. The first two claims are against all defendants, while the reputational damages claim is against Bank of Baroda alone. He has also sought 18% annual interest on the amounts claimed.
