NMC founder sues EY, banks and execs for $8 billion over alleged fraud By Reuters – Investing.com

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NMC founder sues EY, banks and execs for $8 billion over alleged fraud By Reuters – Investing.com

© Reuters. The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann By Abhirup Roy MUMBAI (Reuters) - 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 $8 billion in damages for an alleged multibillion-dollar fraud at his group. EY said in a statement: "We believe this case is without merit and we intend to defend it vigorously." Several companies linked to the Indian entrepreneur ran into trouble last year after short-seller Muddy Waters (NYSE:) questioned NMC's financial statements. NMC subsequently announced far higher debts than it had previously reported and was later put into administration. Shetty, now in India, is himself facing a criminal complaint in Abu Dhabi from one of NMC's lenders, Abu Dhabi Commercial Bank, and fighting court cases in India and Dubai as banks seek to recover loans from his companies. Last year, the UAE central bank ordered banks to freeze accounts of Shetty and members of his family, sources told Reuters. Shetty has denied wrongdoing and says that he has been the victim of fraud. In October, Shetty