The tragic story of BR Shetty, an Indian-born businessman who once owned several companies in the United Arab Emirates (UAE), had a net worth of over Rs 12,000 Crores and lived a life of prime luxury—even though there are countless success stories about billionaires going bankrupt and losing a significant portion of their wealth—is a powerful illustration of how one mistake can destroy a man and send him into obscurity.
Who is BR Shetty?
Bavaguthu raghuram Shetty, also known as BR Shetty, was born on august 1, 1942, into a middle-class family in Udupi, madras Presidency, then british india (now Karnataka, India). He was once among the world's wealthiest individuals, appearing on Forbes' list of India's 100 Richest people in 2015 and ranking 42nd in 2019.
BR Shetty started out as a medical representative before moving to Dubai, United Arab Emirates, in 1973 at the age of 31 in pursuit of better prospects and a better life. Shetty, who had only $8 when he arrived in Dubai, sold medications by going door-to-door. Shetty quickly made connections with powerful and affluent people, and a few years later he founded Dubai's first private healthcare provider, New Medical Center health (NMC).
The Rise of NMC
At the time, Chandrakumari Shetty, Shetty's wife and the clinic's sole physician, oversaw the facility. With more than four million patients a year across 45 sites in 12 cities and 8 countries—the uae, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil—NMC is currently the biggest private healthcare provider in the United Arab Emirates.
In addition, NMC was the first healthcare firm from the GCC and the first Abu Dhabi-based company to be listed on the london Stock Exchange's premium category, where it was included in the prestigious FTSE 100 Index. However, after a request from its board of directors and as a result of the ongoing investigation into suspected financial irregularities, the company was delisted from the london Stock Exchange and taken off the FTSE 100 index.
In addition to NMC, BR Shetty established the uae Exchange, a business that offers bill payment, foreign exchange, and remittance services. Shetty came up with the idea to start the uae Exchange in the late 1970s after noticing that indian expats in the uae had trouble sending money to their families back home in India. The uae Exchange opened 800 branches throughout 31 countries in 2016.
NMC Neopharma, a pharmaceutical company situated in the United Arab Emirates, was established by BR Shetty in 2003 and launched in Abu Dhabi by A. P. J. Abdul Kalam, the president of india at the time.
From Riches to Rags
Due to his successful and varied business endeavors in the fields of real estate, banking, and health, BR Shetty's wealth grew over the years and reached a height of $3 billion (about Rs 20,000 crore). In addition to owning numerous extravagant houses throughout Dubai, the Indian-born business magnate led a lavish lifestyle, owning a fleet of Rolls-Royce cars and private jets. He even purchased two floors of the palatial Burj Khalifa.
However, things took a harsh turn in 2019 when BR Shetty's businesses were the target of false accusations from US-based short-seller Muddy Waters Research. The short-seller disclosed in a report on X that Shetty's company had a $1 billion debt that was concealed from the investors.
The Central bank of the United Arab Emirates ordered the freezing of Shetty's bank accounts and the blacklisting of his companies after Abu Dhabi Commercial bank filed a criminal complaint against NMC health with the uae Attorney General's office the same month. The troubled entrepreneur is also being investigated in india, where authorities have started an inquiry to find possible dangers to indian banks.
Forbes removed Shetty from its yearly list of billionaires in 2020 because, according to reports, his current net worth is a tiny fraction of his previous $3.5 billion fortune.
Who is BR Shetty?
Bavaguthu raghuram Shetty, also known as BR Shetty, was born on august 1, 1942, into a middle-class family in Udupi, madras Presidency, then british india (now Karnataka, India). He was once among the world's wealthiest individuals, appearing on Forbes' list of India's 100 Richest people in 2015 and ranking 42nd in 2019.
BR Shetty started out as a medical representative before moving to Dubai, United Arab Emirates, in 1973 at the age of 31 in pursuit of better prospects and a better life. Shetty, who had only $8 when he arrived in Dubai, sold medications by going door-to-door. Shetty quickly made connections with powerful and affluent people, and a few years later he founded Dubai's first private healthcare provider, New Medical Center health (NMC).
The Rise of NMC
At the time, Chandrakumari Shetty, Shetty's wife and the clinic's sole physician, oversaw the facility. With more than four million patients a year across 45 sites in 12 cities and 8 countries—the uae, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil—NMC is currently the biggest private healthcare provider in the United Arab Emirates.
In addition, NMC was the first healthcare firm from the GCC and the first Abu Dhabi-based company to be listed on the london Stock Exchange's premium category, where it was included in the prestigious FTSE 100 Index. However, after a request from its board of directors and as a result of the ongoing investigation into suspected financial irregularities, the company was delisted from the london Stock Exchange and taken off the FTSE 100 index.
In addition to NMC, BR Shetty established the uae Exchange, a business that offers bill payment, foreign exchange, and remittance services. Shetty came up with the idea to start the uae Exchange in the late 1970s after noticing that indian expats in the uae had trouble sending money to their families back home in India. The uae Exchange opened 800 branches throughout 31 countries in 2016.
NMC Neopharma, a pharmaceutical company situated in the United Arab Emirates, was established by BR Shetty in 2003 and launched in Abu Dhabi by A. P. J. Abdul Kalam, the president of india at the time.
From Riches to Rags
Due to his successful and varied business endeavors in the fields of real estate, banking, and health, BR Shetty's wealth grew over the years and reached a height of $3 billion (about Rs 20,000 crore). In addition to owning numerous extravagant houses throughout Dubai, the Indian-born business magnate led a lavish lifestyle, owning a fleet of Rolls-Royce cars and private jets. He even purchased two floors of the palatial Burj Khalifa.
However, things took a harsh turn in 2019 when BR Shetty's businesses were the target of false accusations from US-based short-seller Muddy Waters Research. The short-seller disclosed in a report on X that Shetty's company had a $1 billion debt that was concealed from the investors.
The Central bank of the United Arab Emirates ordered the freezing of Shetty's bank accounts and the blacklisting of his companies after Abu Dhabi Commercial bank filed a criminal complaint against NMC health with the uae Attorney General's office the same month. The troubled entrepreneur is also being investigated in india, where authorities have started an inquiry to find possible dangers to indian banks.
Forbes removed Shetty from its yearly list of billionaires in 2020 because, according to reports, his current net worth is a tiny fraction of his previous $3.5 billion fortune.
click and follow Indiaherald WhatsApp channel