BR Shetty, before a billionaire with an estimated worth of Rs 18,000 crore, suffered an unbelievable decline following allegations of financial misconduct claims in 2019. Forced to give up his company at a fraction of its value.
Raghuram of Bavagutthu Shetty's rise and fall have become well documented in the corporate world. Shetty traveled to the Gulf in search of chances, equipped with only Rs 665.
There are countless stories of Indian businesspeople who formerly headed billion-dollar empires but then had significant failures. One such person is Bavaguthu Raghuram Shetty, also known as BR Shetty.
The erstwhile millionaire had an estimated net worth of Rs 18000 crore and owned floors in the Burj Khalifa, luxury automobiles, and a private plane. However, Shetty's life took an unexpected turn, and he was forced to sell his Rs 12,400 crore company for just Rs 74.
Shetty rose from humble beginnings to become one of the world's wealthiest men, with an estimated net worth of Rs 18,000 crore. He founded his company in the Gulf and became the inspiration behind NMC Health, the UAE's largest privately held health operator.
Shetty lived an extravagant lifestyle, acquiring high-end mansions and occupying two complete floors of the prestigious Burj Khalifa for a stunning Rs 207 crore. His belongings included a private jet and exotic autos such as Rolls Royce and Maybach.
However, Shetty's circumstances took a sudden turn in 2019 when Muddy Waters, a UK-based financial research firm founded by short seller Carson Block, claimed in a tweet that Shetty had artificially exaggerated cash flow to conceal actual debt.
Following the accusations, the company's shares fell, forcing BR Shetty to sell his Rs 12,478 crore company to an Israeli-UAE group for Rs 74 at the time.
A criminal case was filed against NMC Health by Abu Dhabi Commercial Bank in April 2020. A few days later, the UAE Central Bank ordered the freezing of his accounts and the blacklisting of his enterprises.
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