B. R. Shetty

Dr B.R. Shetty
Born
Bavaguthu Raghuram Shetty

(1942-08-01) 1 August 1942 (age 82)
Udupi, Madras Presidency, British India (now Karnataka, India)
Known forNMC Health
(Founder; now defunct)
Finablr
(Founder; now defunct)
Honours• Pravasi Bharatiya Samman (2007)
• Padma Sri (2009)
Websitewww.brshetty.com

Dr Bavaguthu Raghuram Shetty, (born 1 August 1942) commonly known as B.R. Shetty, is an Indian-born businessman and former-billionaire, the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi–based NMC Health,[1][2] Neopharma, BRS Ventures, and Finablr.[3][4]

In 1975, Shetty's interest was in hospitals and hospitality but he then diversified into pharmaceuticals, financial services, retail, advertising, and information technology.[2] He was included on the Forbes list of India's 100 Richest People in 2015 and was listed as the 42nd richest person in 2019.[5][6]

In 2020, Shetty resigned from his board position while investigations were underway.[7][8] On 8 April 2020, NMC Health went into Administration in the United Kingdom due to corporate governance concerns and a share price in freefall.[9] Due to sharp drops in share prices, and shares pledged by Shetty to pay for debts incurred, it is believed that his net worth has fallen to a fraction of the earlier estimate of $3.5 billion.[10] Consequently, Forbes dropped Shetty from its 2020 annual list of billionaires.[11]

On 15 April 2020, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the Attorney General's Office of UAE.[12][13] Now, Indian agencies have initiated probe to identify potential risks to Indian banks, if any.[14] On 27 April 2020, the Central Bank of UAE ordered the freezing of his accounts and the blacklisting of his firms.

  1. ^ Cite error: The named reference national was invoked but never defined (see the help page).
  2. ^ a b "Indian Rich List in full - ArabianBusiness.com". ArabianBusiness. Archived from the original on 24 April 2016. Retrieved 28 June 2016.
  3. ^ Paramita Chatterjee, Suman K Jha (23 March 2018). "I Want To Be The No. 1 Healthcare Provider in India Over The Next 10 Years". BusinessWorld. Archived from the original on 9 May 2018. Retrieved 8 May 2018.
  4. ^ Mary Sophia (24 April 2018). "Billionaire B.R. Shetty Launches New Financial Firms Holding Company Finablr". Forbes Middle East. Archived from the original on 25 August 2018. Retrieved 24 August 2018.
  5. ^ "#47 B.R. Shetty". Forbes. Archived from the original on 28 December 2016. Retrieved 14 April 2017.
  6. ^ "#42 B.R. Shetty". Forbes. Archived from the original on 14 May 2019. Retrieved 20 February 2020.
  7. ^ "How Indian billionaire Bavaguthu Raghuram Shetty went bust". Archived from the original on 22 February 2020. Retrieved 9 April 2020.
  8. ^ "Billionaire BR Shetty resigns from Abu Dhabi's NMC Health". Archived from the original on 18 February 2020. Retrieved 9 April 2020.
  9. ^ "NMC into Administration". Archived from the original on 11 April 2020. Retrieved 9 April 2020.
  10. ^ "BR Shetty's fortune drops by $1.5 Billion". 26 January 2020. Archived from the original on 6 April 2020. Retrieved 9 April 2020.
  11. ^ Bahree, Megha. "Former Indian Billionaire's Gulf Dream Turns Sour". Forbes. Retrieved 17 May 2020.
  12. ^ "ADCB files criminal complaint against individuals over NMC Health". Reuters. 15 April 2020. Archived from the original on 15 April 2020. Retrieved 16 April 2020.
  13. ^ John, Issac. "NMC's BR Shetty, 5 others face fraud, forgery charges". Khaleej Times. Archived from the original on 16 April 2020. Retrieved 16 April 2020.
  14. ^ "After cases in UAE, BR Shetty on radar of Indian probe agencies". News and Analysis from India. A Refreshing approach to news. 16 April 2020. Archived from the original on 24 April 2020. Retrieved 19 April 2020.