Ernst & Young accused of concealing NMC Health audit fraud
Al Jazeera
The hospital operator’s founder, Bavaguthu Raghuram Shetty, who is seeking $7bn in a lawsuit, insists he was a victim rather than the perpetrator of the fraud.
Ernst & Young faces accusations it “actively concealed” a six-year fraud from investors in a fresh lawsuit over its auditing work for the troubled NMC Health. The hospital operator’s founder, Bavaguthu Raghuram Shetty, said the accounting giant enjoyed a “deep and cozy” relationship with executives at the troubled firm, alleging that the auditors turned a blind eye to thousands of suspicious transactions. Shetty is seeking $7bn from the lawsuit. The Indian entrepreneur filed a suit in New York last week, naming Ernst & Young as a co-conspirator in the fraud alongside former executives, and said investors lost more than $10bn.
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