As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda officials in mid-March to discuss the US$250 million he and his firms owed.
NMC's implosion this year amid allegations of fraud and the disclosure of more than US$4 billion in hidden debts has left some UAE banks and overseas lenders nursing heavy losses and prompted legal battles to try and recover money owed. In the June 16 filing, Shetty’s lawyers said he had submitted a complaint to the Federal Attorney General in Abu Dhabi that he was a victim of fraud, forgery and money laundering.
ADCB said in a bourse filing it is working closely with the joint administrators, other creditors, stakeholders and regulators to ensure investigations are exhaustive and to bring to justice those involved in the alleged"fraudulent behaviour" at NMC. It did not provide further comment. In Saudi Arabia, the collapse of two business empires in 2009 - the Ahmad Hamad Algosaibi & Brothers conglomerate and Maan al-Sanea’s Saad Group – were in part the result of name lending practices.
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