The Rise of a Visionary Entrepreneur
Dr. Bavaguthu Raghuram Shetty, better known as B.R. Shetty, built one of the most remarkable business empires in the Middle East. Born in Udupi, Karnataka, in 1942, Shetty moved to the United Arab Emirates (UAE) in 1973 with just seven dirhams in his pocket. From these humble beginnings, he went on to create NMC Health, UAE Exchange, and Neopharma — three enterprises that transformed the healthcare and financial landscapes across the Gulf and beyond.
By the mid-2010s, B.R. Shetty had become a global business icon, with a personal fortune exceeding $4 billion and operations spanning multiple continents. His company, NMC Health, became the first UAE-based healthcare firm to list on the London Stock Exchange in 2012, achieving a valuation that eventually soared past $10 billion.
NMC Health: The Foundation of a Billion-Dollar Empire
Founded in 1975, NMC Health began as a modest clinic in Abu Dhabi, with Shetty’s wife serving as the only doctor. Over time, the company expanded to over 45 medical facilities across the Middle East, Europe, and Latin America. Alongside healthcare, Shetty diversified into finance and pharmaceuticals by launching UAE Exchange for remittances and Neopharma for medicine manufacturing.
In 2014, he made a bold global move by acquiring Travelex, a renowned foreign exchange firm, positioning his holding company Finablr as a major player in global finance. Shetty’s empire symbolized ambition, diversification, and the UAE’s growing role in global business.
The Beginning of the End: Financial Irregularities Surface
In December 2019, U.S.-based short-seller Muddy Waters Research accused NMC Health of inflating its cash balances and hiding billions in debt. The allegations sent shockwaves through global markets, causing NMC’s stock price to plummet.
By early 2020, investigations revealed more than $4 billion in undisclosed loans, with forged documents, unauthorized borrowings, and weak corporate oversight. The scandal exposed deep governance failures within NMC and its related companies.
Under immense pressure, B.R. Shetty resigned in February 2020, claiming ignorance of the hidden debts and blaming rogue executives. However, the evidence suggested systemic mismanagement and potential fraud spanning several years.
A Domino Effect: The Collapse of Finablr and UAE Exchange
As the crisis deepened, Finablr and UAE Exchange — Shetty’s financial service arms — faced insolvency. The UAE Central Bank intervened, suspending operations, while the UK High Court placed NMC Health into administration in April 2020. The collapse affected thousands of employees and patients across countries and left over 80 banks exposed to heavy losses, including Abu Dhabi Commercial Bank, which lost around $1 billion.
By 2021, Shetty’s assets were frozen in both India and the UAE, and numerous lawsuits were filed against him. He countered with his own legal actions, accusing former executives and auditors, including Ernst & Young, of concealing financial misconduct.
The Fall from Grace: Legal Battles and Court Rulings
In a recent development in October 2025, Dubai’s DIFC Court ordered B.R. Shetty to pay $46 million to the State Bank of India for unpaid personal guarantees on a loan from 2018. The court described Shetty’s testimony as “an incredible parade of lies,” citing conclusive evidence of forged signatures and emails.
This ruling adds to a long list of financial and legal woes that have effectively dismantled Shetty’s once-thriving empire. His luxurious lifestyle — which included residences in Dubai’s Burj Khalifa and a collection of exotic cars — has now been replaced by a string of asset freezes and ongoing investigations.
What Remains of the NMC Legacy?
Today, NMC Health continues to operate under new management, entirely separate from Shetty’s control. The company’s restructuring allowed it to regain some stability and focus on healthcare delivery. However, Shetty’s own legacy remains tarnished by the financial scandal that wiped out one of the Gulf’s largest conglomerates.
Once a symbol of entrepreneurial spirit and ambition, B.R. Shetty’s journey from rags to riches to ruin stands as one of the most dramatic business collapses in the Middle East.
A Cautionary Tale for Global Entrepreneurs
B.R. Shetty’s story highlights the risks of rapid expansion without adequate corporate governance and transparency. What began as a dream of affordable healthcare and global finance ended in allegations of fraud, mismanagement, and deceit.
His fall underscores an essential truth for modern entrepreneurs — that sustainability and accountability are as vital as ambition and innovation in building lasting success.
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