In a story that feels almost like a movie, one of India's former richest businessmen, Bavaguthu Raghuram Shetty (BR Shetty), has experienced a stunning downfall. Once worth Rs 18,000 crore, Shetty enjoyed a lavish lifestyle that included private jets, multiple floors in the Burj Khalifa, and a fleet of luxury cars. However, his fortune vanished, and he was ultimately forced to sell his Rs 12,400 crore company for just Rs 74.
Shetty's rise began in 1973 when he left Karnataka for Abu Dhabi with only Rs 665 in his pocket. Starting as a pharmaceutical salesman, his fortunes took a turn in 1975 when he founded the New Medical Centre (NMC), a small clinic. What began with his wife as the only doctor grew into one of the UAE's largest private healthcare providers, making Shetty a prominent figure in the region’s healthcare industry.
However, by 2019, Shetty's empire began to unravel. A UK-based investment firm, Muddy Waters, accused him of manipulating financial statements to hide significant debt. This led to a steep drop in NMC’s stock value, forcing Shetty to sell the company at an astonishingly low price to an Israeli-UAE consortium.
Things took an even darker turn in April 2020 when Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health. Shortly after, the Central Bank of the UAE froze Shetty’s accounts and blacklisted his companies, marking a dramatic end to what was once a thriving business empire.
