Bank of Baroda flagged NMC Group fund roundtripping, yet approved more loans
Bank of Baroda received internal alerts about alleged “roundtripping” by BR Shetty’s NMC Group as early as 2016, but still sanctioned more loans.
New Delhi, Sept. 16 -- Bank of Baroda, which settled a legal battle involving healthcare companies founded by Abu Dhabi-based businessman BR Shetty for $600 million in July, had received internal alerts about alleged "roundtripping" of funds by the group as early as in 2016. However, even after the warnings, the bank approved more loans.