B R Shetty faces bankruptcy and investigations in UAE

BR Shetty, once a billionaire, has faced a dramatic fall from grace in recent years. Born in India, he immigrated to Dubai in 1973 with just $8. He later founded the New Medical Center Health, the UAE's first private healthcare provider. Under his leadership, NMC grew to serve over four million patients annually across multiple countries. Shetty also started UAE Exchange, which helped Indian expatriates send money home. At one point, his wealth peaked at around $3 billion, allowing him to live a luxurious lifestyle, including owning property in the Burj Khalifa. However, his fortunes changed in 2019 when a report by Muddy Waters Research alleged financial mismanagement at NMC. The report claimed that Shetty concealed significant debts from investors. Following these accusations, the value of NMC's shares plummeted. Shetty was forced to sell the company for only Rs 74, a fraction of its worth. In 2020, NMC faced administration due to governance concerns. Shetty resigned amid the turmoil, and various banks initiated criminal complaints against his companies. He is now being investigated in India, and his net worth has significantly declined, leading to his removal from Forbes' billionaire list in 2020.