Dubai-based businessman BR Shetty has sued Bank of Baroda, EY and Credit Europe Bank of the Netherlands in a New York court, claiming $8 billion in damages.

Shetty has alleged that these entities did not catch fictitious and fraudulent transactions, which resulted in the bankruptcy of Shetty’s company NMC Healthcare.

Bank of Baroda has sued Shetty in India and has imposed a travel ban against him, preventing him from travelling to Dubai to take care of his business. This comes even as Bank of Baroda has filed a petition in Indian courts seeking prohibition of sales of assets, even those not pledged to the bank, owned by Shetty. BoB is seeking to recover loans worth more than $250 million from him.

NMC, the largest private healthcare provider in the United Arab Emirates, was placed under administration in April after it disclosed it had debts of over $4 billion, well above earlier estimates of $2.1 billion.

Shetty, on the other hand, accused BoB, EY and Credit Europe Bank, of having conspired to defraud him through fictitious invoices and siphoning off funds.

The suit filed by Shetty alleges that BoB failed in its fiduciary duties by processing thousands of related-party transactions without filing a single suspicious activity report with US regulators.