The Meteoric Rise and Crushing Fall of B.R. Shetty
Bavaguthu Raghuram Shetty's journey reads like a modern corporate tragedy. Born in 1942 in Udupi, this entrepreneur built an empire that once dominated Gulf healthcare and finance. Today, his legacy lies in ruins, frozen assets, and courtroom battles.
Humble Beginnings in Abu Dhabi
Shetty arrived in Abu Dhabi in 1973 with just eight dirhams. He carried heavy debts from his sister's wedding. Pharmaceutical studies at Manipal College had not secured him a government job. The young man saw opportunity where others saw only desert.
He became the UAE's first outdoor medical representative. By 1975, Shetty opened the New Medical Centre. His wife, Dr. Chandrakumari, served as the sole physician. Shetty recognized a critical gap: affordable healthcare for expatriate workers.
Building a Vertical Empire
The entrepreneur expanded rapidly over four decades. His achievements include:
- Growing NMC into an FTSE 100 healthcare giant
- Acquiring UAE Exchange in 1980, building a remittance powerhouse
- Purchasing Travelex for $1.1 billion
- Owning two floors of Dubai's Burj Khalifa
- Maintaining a fleet of vintage cars and a private Gulfstream jet
In 2009, India honored Shetty with the Padma Shri. He promised a ₹1,000 crore Mahabharata film, though this project never materialized.
The December 2019 Earthquake
Muddy Waters Research dropped a bombshell report on December 17, 2019. The short-seller firm alleged:
- NMC had inflated cash balances dramatically
- The company overpaid for assets to benefit insiders
- Billions in debt remained undisclosed to investors
Reported debt quickly ballooned from $2.1 billion to $6.6 billion. Billions vanished through forged documents and unauthorized board approvals.
Administration and Court Battles
By April 2020, NMC Healthcare entered administration. Finablr, Shetty's financial business, followed soon after. It eventually sold for just one dollar.
Shetty claimed rogue executives forged his signature while he focused on philanthropy. Courts found his testimony unconvincing. In October 2025, the Dubai International Financial Centre Court ordered Shetty to pay $46 million to State Bank of India.
The judge delivered a scathing assessment. He called Shetty's testimony an "incredible parade of lies." The tycoon offered a bizarre defense: employees held competitions to forge his signature best. Evidence showed Shetty participated actively in deal-making.
Worms Keep Crawling Out
December 2025 brought more trouble. The Abu Dhabi Global Market Court allowed administrators to examine Bank of Baroda records. They sought previously hidden suspicious transaction reports.
Today, B.R. Shetty faces frozen assets worldwide. His reputation lies shattered across international finance circles. Legal battles continue from London to Abu Dhabi to India.
The man who scaled corporate peaks now experiences corporate gravity's brutal lesson. His story serves as a cautionary tale about unchecked ambition and financial transparency.
