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He used to work as a pharma salesman before immigrating from Karnataka to Abu Dhabi to set up a healthcare empire.
There are several stories of Indian businessmen who once led billion-dollar empires but later saw major collapse. One such person is Bavaguthu Raghuram Shetty, popularly known as BR Shetty. The former billionaire had Rs 18000 crore net worth and used to own floors in Burj Khalifa, luxury cars, and a private jet. However, Shetty’s life took a U-turn and he had to sell his Rs 12,400 crore company for just Rs 74.
He moved to Abu Dhabi from Karnataka for better opportunities in 1973 with nearly Rs 665. He also worked as a pharma salesman for some time. In 1975, the 81-year-old founded a small pharmaceutical clinic, New Medical Centre (NMC). Initially, his wife was the only doctor at the centre. Over the years, NMC went on to become one of the largest private healthcare providers in the UAE. With this, Shetty became a pioneer in the UAE’s private healthcare sector.
But everything changed for Shetty in 2019 when a UK-based investment research firm, Muddy Waters alleged that Shetty inflated cash flow to show less debt. Subsequently, the allegations triggered a fall in the company’s shares and as a result, BR Shetty had to sell his Rs 12,478 crore company for just Rs 74 at the time to an Israeli-UAE consortium.
In April 2020, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health. Days later, the Central Bank of UAE ordered the freezing of his accounts and the blacklisting of his firms.
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