B.R. Shetty, the founder of stricken UAE hospital operator NMC Health, has sued auditor EY, two former top executives of his companies and two banks in a U.S. court, seeking US$8 billion in damages for an alleged multibillion-dollar fraud at his group.23 Jul 2021 02:35AMMUMBAI: B.R. Shetty, the founder of stricken UAE hospital operator NMC Health, has sued auditor EY, two former top executives of his companies and two banks in a U.S.
NMC subsequently announced far higher debts than it had previously reported and was later put into administration. In October, Shetty filed a complaint with Indian federal investigators, accusing brothers Prasanth and Promoth Manghat - respectively the former CEOs of NMC and Finablr, another Shetty group company -, along with their associates and bankers, of inflating the companies' balance sheets, arranging"illegal" credit facilities and misappropriating funds since 2012.
"EY actively and intentionally conspired with the defendants to conceal their fraudulent conduct," Shetty said, according to a copy of the 105-page filing seen by Reuters.