There have been highs and lows in the life of Bavagutthu raghuram Shetty, also known as BR Shetty. Shetty was once a millionaire with a net worth of Rs 18,000 crore, but practically overnight, he lost everything he owned, including expensive automobiles and opulent homes.
 
The Rise of BR Shetty

When BR Shetty came to the gulf in pursuit of greater chances, he had only Rs 665 in his pocket. His adventure started in India.  He established a corporate empire via perseverance and hard work, which includes NMC Health, the biggest privately held healthcare operator in the United Arab Emirates.

He possessed buildings at Dubai's World Trade Centre and Palm Jumeirah, as well as two whole floors of the famous Burj Khalifa, which was worth Rs 207 crore. He had a collection of high-end automobiles, such as Maybach and Rolls-Royce models.  Additionally, he possessed a 50% stake in a private plane that he had paid Rs 34 crore for.  Shetty was regarded as one of the Gulf's wealthiest people.
 
The Fall of BR Shetty

Shetty's business collapsed in 2019 when he was accused of exaggerating cash flow to underreport debt in a post from Muddy Waters, a UK-based financial research firm run by short-seller Carson Block.
 
Investors were alarmed by NMC Health's alleged financial statement fraud, according to Muddy Waters.  The company's share price plummeted as a result of the post, depleting its market value by billions.
 
His decades-long empire began to show fractures in a single post.  Shetty was forced to sell his Rs 12,478 crore firm, NMC Health, to an Israeli-UAE partnership for just Rs 74 due to his massive debt and unstable finances. It was the most startling business collapse ever. Once a symbol of achievement, Shetty's kingdom was destroyed almost immediately.  The fast decline of BR Shetty serves as a reminder of the hazards and unpredictability of the corporate world.
 
 
 

 
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Bavagutthu Raghuram Shetty

SIBY JEYYA

28/02/2025 08:15 AM