His story is an example of how a single mistake can turn a life of luxury into one of financial ruin.
BR Shetty, once a billionaire and a prominent businessman in the United Arab Emirates (UAE), saw his fortune disappear due to a massive financial scandal. His story is an example of how a single mistake can turn a life of luxury into one of financial ruin.
Born on August 1, 1942, in Udupi, India, BR Shetty came from a middle-class family. He moved to Dubai in 1973 with just $8 in his pocket, hoping to build a better future. Initially, he worked as a door-to-door salesman selling medicines. Soon, he made influential connections and in a few years, founded NMC Health, UAE’s first private healthcare provider.
Shetty’s wife, Chandrakumari Shetty, managed the first clinic, which later grew into the UAE’s largest private healthcare network. With over 45 facilities across 12 cities and eight countries, NMC Health became a billion-dollar enterprise. It was the first healthcare company from the Gulf region to be listed on the London Stock Exchange and even joined the prestigious FTSE 100 Index.
In addition to NMC, Shetty launched UAE Exchange, a financial services company that helped Indian expatriates send money home. By 2016, it had 800 branches in 31 countries. He also founded Neopharma, a pharmaceutical firm inaugurated by Indian President APJ Abdul Kalam in 2003.
At the height of his success, Shetty’s net worth soared to $3 billion (Rs 20,000 crore). He owned private jets, Rolls Royce cars, and multiple luxury properties, including two floors in the Burj Khalifa.
In 2019, US-based financial research firm Muddy Waters Research accused Shetty’s companies of hiding $1 billion in debt from investors. The report claimed that NMC Health had exaggerated its financial figures. As a result, the company’s stock price collapsed.
By 2020, Shetty resigned from his board position, and NMC Health went into administration in the UK. The Abu Dhabi Commercial Bank filed a criminal complaint, and the UAE Central Bank froze Shetty’s bank accounts. His company, once worth Rs 12,478 crore, was sold for just Rs 74.
Shetty also faced investigations in India, as authorities looked into possible financial risks for Indian banks.
