1 week Ago By Samannay Biswas
BR Shetty, an Indian-born entrepreneur who once ranked among the world's wealthiest, fell from a net worth exceeding Rs 12,000 crore to near obscurity after allegations of financial misconduct surfaced in 2019, leading to the collapse of his business empire, according to reports from Reuters and Nikkei Asia. Born on 1 August 1942 in Udupi, Karnataka (then Madras Presidency under British India), Bavaguthu Raghuram Shetty, better known as BR Shetty, immigrated to Dubai in 1973 with just eight dollars. Beginning as a medical representative and door-to-door salesman, Shetty built his fortune by founding the New Medical Center (NMC) Health, the UAE’s first private healthcare provider, which later expanded to 45 facilities across 12 cities in eight countries.
His wife, Chandrakumari Shetty, played a pivotal role as the sole doctor managing the first NMC clinic. Under Shetty’s leadership, NMC became the first Gulf Cooperation Council (GCC) healthcare company listed on the London Stock Exchange and part of the prestigious FTSE 100 Index, before being delisted due to governance concerns. In addition to NMC, Shetty founded UAE Exchange, facilitating remittances for expatriates, and NMC Neopharma, a pharmaceutical manufacturer inaugurated by India’s former President Dr.
A.P.J.
Abdul Kalam in 2003. His ventures propelled his wealth to an estimated $3 billion, granting him an opulent lifestyle that included multiple villas, private jets, and ownership of two full floors in Dubai’s Burj Khalifa. However, Shetty’s fortunes reversed sharply when US-based Muddy Waters Research accused NMC Health of concealing $1 billion in debt and manipulating cash flow figures.
"There seems to be some potential for compromise on the tariff situation," said Michael Mullaney, director of global markets research at Boston Partners, highlighting how financial news rapidly shifts market sentiment. The fallout was swift: NMC’s shares plummeted, forcing Shetty to sell his Rs 12,478 crore company to an Israel-UAE consortium for just Rs 74. Investigations followed in both the UAE and India, resulting in frozen bank accounts, blacklisted firms, and criminal complaints filed by Abu Dhabi Commercial Bank.
Today, BR Shetty's net worth has dwindled to a shadow of his former $3.5 billion, leading to his removal from Forbes' annual billionaires list in 2020. His story remains one of the most dramatic falls from grace in recent corporate history.
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