Bank of Baroda has reached a 600 million dollar settlement with administrators of the insolvent NMC Health Plc. The agreement resolves claims tied to a fraud uncovered between 2012 and 2020.
The Indian bank faced accusations of gross negligence in its dealings with the company. It was alleged to have skipped proper due diligence and permitted fraudulent transactions that violated anti-money laundering and KYC rules.
The payout exceeds the bank's previously reported exposure to NMC Health and its affiliates. Administrators in the Abu Dhabi Global Market insolvency case will receive the funds to address outstanding claims.
The fraud at NMC Health involved years of misrepresented finances before its collapse. This settlement marks one of the larger resolutions linked to the case.
