2024-04-27 00:45:48
New Delhi: There are many Indian businessmen who once led billion-dollar empires. But, later they came down rapidly. One such businessman is Bavaguthu Raghuram Shetty. He is commonly known as BR Shetty. BR Shetty was once a billionaire. He had assets worth Rs 18,000 crore. He owned floors in the Burj Khalifa, luxurious cars and private jets. However, Shetty’s life took a dramatic turn. He was forced to sell his Rs 12,400 crore company for just Rs 74.
rise to great heights rapidly
It is the year 1973. BR Shetty decided to move from Karnataka to Abu Dhabi with about Rs 700 in search of better prospects. Before this he also sold medicines for a short time. In 1975, Shetty laid the foundation of a modest medicine clinic named New Medical Center (NMC). Initially the only doctor at the center was his wife. As time passed, NMC became one of the most prominent private healthcare providers in the United Arab Emirates (UAE). Through this achievement, Shetty emerged as a leader in the UAE’s private healthcare sector.
times changed suddenly
However, in the year 2019, the whole scenario became different for Shetty. Muddy Waters, a British investment research firm, then alleged that Shetty had inflated cash flow figures to make debt levels appear lower. Following these allegations the company’s share price declined. Due to this, such a situation arose that during that time BR Shetty was forced to sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74.
In April 2020, Abu Dhabi Commercial Bank had filed a criminal complaint against NMC Health. Following this incident, the Central Bank of UAE issued instructions to suspend his accounts and blacklist his enterprises.