B.R. Shetty seeks Bank of Baroda records, financial security in new applications

Bavaguthu Raghuram Shetty, the founder of NMC Healthcare and UAE Exchange, filed two applications before the Bombay high court on Thursday, seeking access to Bank of Baroda’s records and financial security for his damages claim against the lender.

In the first application, Shetty has asked for court-monitored forensic preservation of electronic records, and disclosure of relevant bank records, including electronic communications, transaction data, emails and records from banking and payment systems. He has also asked the court to appoint a commissioner to inspect and preserve these records.

“The Court Commissioner would have power to take custody of the same by forensic imaging, and to preserve them under seal with hash values and chain of custody,” read the first application seen by Mint.

It argues that an injunction against deleting or altering records may not be sufficient because electronic data can be overwritten or erased without leaving a visible trail. It says forensic copies made under court supervision would preserve evidence without interrupting the bank’s operations.

Financial protection

In the second application, Shetty has sought an order directing the bank to furnish the security amount he has claimed, or any such amount as fixed by the court. He stated that he wanted the bank to set aside the claimed amount in a reserve that would not be available for distribution.

He argued that the bank could later rely on the absence of a provision to resist payment of any amount awarded by the court. “The applicant has a reasonable and grave apprehension that, unless secured by an order of this Hon’ble Court, any decree passed in the present Suit will be met with the plea that no provision exists for it,” the application read.

In his earlier suit, he alleged that the bank, despite repeated anti-money laundering (AML) alerts, ignored them and processed transactions linked to alleged round-tripping and accepted guarantees bearing signatures he disputes.

Mint reported on 13 October that B.R. Shetty has filed a suit before the Bombay high court, seeking $15 billion in damages from Bank of Baroda, its officials and other defendants over their alleged role in transactions linked to the NMC fraud.

He has claimed $5 billion each in direct damages, consequential losses and reputational damage, besides seeking 18% annual interest.