In a twist of fate that seems almost cinematic, one of India's once-wealthiest tycoons has faced a dramatic downfall. Bavaguthu Raghuram Shetty, known as BR Shetty, was once a symbol of grandeur with a net worth of Rs 18,000 crore. He owned private jets, multiple floors in the Burj Khalifa, and a collection of luxury cars. However, this wealth was dramatically erased as he was forced to sell his Rs 12,400 crore company for a mere Rs 74.
Shetty’s journey began humbly in 1973 when he moved from Karnataka to Abu Dhabi with just Rs 665 in his pocket. Initially working as a pharmaceutical salesman, Shetty's fortunes changed in 1975 when he established the New Medical Centre (NMC), a modest pharmaceutical clinic. What started with his wife as the sole doctor evolved into one of the UAE’s largest private healthcare providers, cementing Shetty as a key player in the region's healthcare sector.
However, in 2019, Shetty’s empire began to crumble following allegations from the UK-based investment firm, Muddy Waters. They claimed that Shetty had manipulated financial statements to obscure substantial debt. This scandal led to a sharp decline in NMC’s share value, forcing Shetty to sell his company at an astonishingly low price to an Israeli-UAE consortium.
The situation worsened in April 2020 when Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health. Shortly thereafter, the Central Bank of UAE intervened, freezing Shetty’s accounts and blacklisting his firms, marking a dramatic end to a once-thriving empire.
