If you meet the Indian billionaire who owned two floors in Burj Khalifa, 18,000 rupees had net assets and sold RS 124,000 Crore Company for 74 rupees due to …

The Business Tycoon Br Shetty, born in India, was once held the richest people in the world.

The heartbreaking story of Br Shetty, a businessman of Indian origin that once had several companies in the United Arab Emirates (VAE), had a net assets of over 12,000 rupees and lived a life with a first-class luxury is a profound example of how quickly the fortune of a critical error can turn to a critical error and to send everyone to landability.

Who is BR Shetty?

Bavaguthu Raghuram Shetty or Br Shetty, who was born on August 1, 1942 in a lower income house in Udupi, Madras Presidency, at that time British India (now Karnataka, India), belonged to how he was known in popular mund.

Br Shetty started his career as a medical representative and, in 1973 at the age of 31, hiked in Dubai, the United Arab Emirates, looking for better opportunities. According to reports, Shetty came to Dubai with just $ 8 and worked as a seller from door to door and sold medication.

In a short time, BR Shetty developed contacts with some wealthy and influential people and founded the new medical center Health (NMC), the first private health service of the United Arab Emirates, in Dubai a few years later.

The first private health service provider of the United Arab Emirates

The hospital was administered by BR Shetty's wife Chandrakumari Shetty, who was the only doctor in the clinic at the time. Today NMC is 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 12 cities and 8 countries, including the United Arab Emirates, KSA, Oman, Spain, Italy, Denmark, Colombia and Brazil.

NMC is also the first health company of the Gulf Cooperation countries (GCC) and the first company from Abu Dhabi, which is listed in the Premium segment of the London stock exchange, and was part of the coveted FTSE 100 index. However, the company was reduced by the London stock exchange and withdrawn from the FTSE 100 index, after requesting the board of directors and due to the ongoing investigation of alleged financial irregularities.

In addition to the NMC, BR Shetty also founded VAE Exchange, a company that has to do with transfers, foreign exchange and invoice payments. In the late 70s, Shetty found that Indian expatriates that lived in the United Arab Emirates had difficulty sending money to their families in India, and thus on the idea of ​​establishing the exchange of the United Arab Emirates, which opened 800 offices in 31 countries in 2016.

In 2003, BR Shetty NMC Neopharma, a pharmaceutical manufacturer based in the VAE, founded in Abu Dhabi by the then President of India, APJ Abdul Kalam.

Br Shetty – from wealth to rags

Over the years, the prosperity of BR Shetty increased thanks to its diversified and successful business companies due to its diversified and successful business companies, which ranged from health, finance to real estate and capital investments. At some point, BR Shetty had a net value of 3 billion US dollars (around 20,000 rupees), which was one of the richest men worldwide.

The business Tycoon, born in India, lived a life in opulence, private jets and a fleet of Rolls Royce vehicles and bought in addition to several luxurious villas throughout Dubai even two whole floors in the lavish Burj Khalifa.

However, fate took a cruel turn when the Short-Seller Muddy Waters Research, based in the USA, initiated damn accusations against BR Shetty's companies in 2019. In a post on X (former Twitter), the short key achieved a report in which Shetty's company owed a debt of $ 1 billion that was kept secret in front of the company's investors.

What did the short key report claim?

In his report, Muddy Waters Research claimed that Shetty had hidden the debts from his investors and cheated on them by exaggerating Cashflow numbers. According to the allegations, the shares of Shetty's Companies entered into the Freefall and ultimately sold it for only 74 rupees for only RS 12,478 Crore companies to the Israel uae consortium.

In 2020, BR Shetty resigned from his board position, and on April 8th this year the NMC Health in Great Britain went into administration due to concerns regarding the corporate governance and a share price.

In the same month, the Abu Dhabi Commercial Bank submitted a criminal complaint against NMC Health with the General Prosecutor of the United Arab Emirates, and days later the Central Bank of the VAE ordered the freezing of Shetty bank accounts and the blacklisting of its companies. The competitive businessman is also examined in India, with agencies initiating an investigation to identify potential risks for Indian banks.

According to reports, Shetty's current net assets are a tiny fraction of his former assets of 3.5 billion US dollars and consequently leads Forbes to fall from his annual list of billionaires in 2020.