Wealth to rag! The billionaire born in India with a net assets of over 18,000 CR sold RS 12478 CR Company for only 74 rupees!

The story has experienced numerous wealth for rag stories. Several billionaires tycoons have gotten into forgetting in the past after bankruptcy. Well, here we bring wealth to the history of a billionaire born in India, whose net assets were over 18,000 billion rupees and which even owned several apartments in Burj Khalifa, apart from several luxurious villa in all of Dubai. He was one of the richest men worldwide. However, fate took a cruel turn and he had to sell his company RS 12478 Crore for only 74 rupees.

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Heartbreaking ''riches To Lumps' Story from Indian-born billionaire

The heartbreaking “wealth of rags” is from the businessman Br Shetty born in India. Shetty once had several companies in the United Arab Emirates (VAE). He was once one of the richest people in the world and classified on the Forbes list of the 100 richest people in India in 2015 and secured 42nd place in the list in 2019.

The man who led a life full of luxury made a critical mistake that ruined him.

BR Shetty Trip To Be billionaire

Br Shetty or Bavaguthu Raghuram Shetty was born on August 1, 1942 in a family with medium-sized incomes in Udupi, Madras presidency, at that time British India (now Karnataka, India). He started his career as a medical representative. According to reports, Shetty came to Dubai at the age of 31 1973 with only 8 US dollars in search of better options. First he started working as a seller from door to door and selling medication.

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In a short time, Shetty built up some good contacts with wealthy and influential people. A few years later, he founded the new Medical Center Health (NMC), the first private health service provider of the United Arab Emirates in Dubai.

The hospital was managed by Shetty's wife Chandrakumari Shetty, who was the only doctor in the clinic at the time.

NMC is currently the largest private health service provider in the United Arab Emirates with over four million patients a year in 45 institutions, which are distributed in 13 cities and 8 countries, including the United Arab Emirates, KSA, Oman, Spain, Italy, Denmark, Colombia and Brazil. NMC is the first health company of the Golf Cooperation countries (GCC). It is also the first company from Abu Dhabi to be listed in the Premium segment of the London stock exchange, and was part of the coveted FTSE 100 index.

Apart from NMC, Shetty also founded the exchange of the United Arab Emirates in the late 70s, after observing that Indian expatriates who lived in the VAE had difficulty returning money to their families in India. He founded the VAE exchange, which dealt with transfers, foreign exchange and invoice payment services. In 2016, 800 offices were opened in 31 countries. Later in 2003, Shetty NMC was founded in the VAE -based pharmaceutical company. In particular, in Abu Dhabi it was made by the then President of India, Dr. APJ Abdul Kalam, inaugurated.

Shetty Net Value

Shetty's assets swelled according to his diversified and successful business companies, which ranged from health and finance to capital investments and real estate. At a certain point in time, Shetty'D was value value of 3 billion US dollars (around 20,000 rupees).

The business Tycoon lived a luxurious life and had private jets and a fleet of Rolls-Royce vehicles. He also bought two whole floors in the lavish Burj Khalifa, apart from several luxurious villas.

Shetty Downfall

In 2019, the American short-seater Muddy Waters Research gave accusations against Shetty's companies. In his post on X (formerly Twitter), it unveiled Shetty's company a debt of 1 billion US dollar that was kept secret in front of the company's investors. In his report, Muddy Waters Research claimed that Shetty had hidden the debts to his investors and cheated on Cashflow numbers. Afterwards, Shetty's Companies's shares went into free fall and forced him to sell his company RS 12,478 Crore for only 74 rupees to the Israel-Uae consortium.

In 2020, Shetty resigned from his board position. In the same year on April 8, the NMC Health in Great Britain went due to concerns regarding the corporate governance and a share price outdoors in Great Britain. In the same month, Abu Dhabi Commercial Bank submitted a criminal complaint against NMC Health to the VAE general prosecutor's office. A few days later, the Central Bank of the VAE ordered the freezing of Shetty's bank accounts and the black list of its companies.

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Shetty is also examined in India, with agencies initiating an investigation to identify potential risks for Indian banks.