Bank of Baroda’s ₹5700 Crore Fraud Explained: NMC Health Scam Full Story (2026
In July 2026, Bank of Baroda shocked the markets by announcing a ₹5700 crore settlement in connection with the NMC Health fraud — one of the largest corporate scams in recent years. This case has once again highlighted serious gaps in banking supervision and corporate governance. But what exactly happened in the NMC Health scam? What was Bank of Baroda’s role? And why did the bank agree to pay such a huge amount? In this detailed article, we will break down the entire case in simple language. What Was NMC Health? NMC Health was a UAE-based multinational healthcare company founded by B.R. Shetty in 1975. Over the decades, it grew into one of the largest private healthcare providers in the Gulf region, operating more than 200 facilities across 19 countries. In 2012, NMC Health got listed on the London Stock Exchange. At its peak, the company was valued at several billion dollars and was considered a success story of Indian entrepreneurship abroad. However, behind this glam...