Finance
The Rise and Fall of BR Shetty: A Billionaire’s Journey from Fortune to Financial Ruin
Once a towering figure in the global healthcare industry, BR Shetty was a symbol of success, wealth, and ambition.
From a Multibillionaire to a Man in Debt – The Story of BR Shetty
Once a towering figure in the global healthcare industry, BR Shetty was a symbol of success, wealth, and ambition. The founder of NMC Health, Finablr, and UAE Exchange, Shetty’s empire spanned across banking, pharmaceuticals, and healthcare, making him one of the richest Indian entrepreneurs in the Middle East. With an estimated fortune exceeding ₹18,000 crore, ownership of multiple properties in the Burj Khalifa, a private jet, and a flourishing business empire, he seemed invincible. However, a single revelation shattered his empire, leaving him in financial ruins, struggling to repay massive debts.
The Meteoric Rise: A Visionary Who Transformed Healthcare in the UAE
Bavaguthu Raghuram Shetty, known as BR Shetty, started his journey in 1973 when he moved from India to the United Arab Emirates (UAE) with dreams of building something impactful. Recognizing the need for affordable healthcare in the region, he founded New Medical Centre (NMC) Health in 1975. Over the years, NMC Health grew into the largest private healthcare provider in the UAE, eventually getting listed on the London Stock Exchange (LSE) in 2012.
Shetty then expanded his business empire by launching Finablr, a global payments and forex company, which became a major player in the financial services sector. Additionally, UAE Exchange, a leading remittance company, further solidified his dominance in financial services. These ventures brought him immense wealth and recognition, and by 2019, his empire was valued in billions of dollars.
The Shocking Collapse: A Financial Scandal That Changed Everything
In late 2019 and early 2020, reports began emerging of fraudulent financial activities within NMC Health and Finablr. Investigations revealed undisclosed debts amounting to $6.6 billion (approximately ₹55,000 crore), far exceeding what was previously reported. This shocking revelation led to a collapse in investor confidence, and NMC Health’s stock was suspended from trading on the LSE in March 2020.
Regulatory authorities in the UK and UAE launched investigations, uncovering massive financial discrepancies, forged documents, and irregularities in loan agreements. Shetty, who had been the face of these companies, suddenly found himself facing legal action, debt claims, and lawsuits from multiple banks and financial institutions.
The Legal Battles and Financial Woes
With his businesses under scrutiny, banks and investors moved quickly to recover their losses. In 2021, Shetty was forced to sell off assets at significantly lower prices. In February 2025, a Dubai court ordered him to pay $106 million (₹880 crore) to ICICI Bank for loan guarantees related to NMC Health
. Additionally, he faces a $4 billion lawsuit filed in the UAE over debts and mismanagement
Despite denying wrongdoing and claiming he was a victim of internal fraud, Shetty lost control of his businesses, which were either nationalized or acquired by other firms. Finablr was sold for just $1 (₹74) after once being valued at $1.5 billion.
A Cautionary Tale: From a Billionaire to a Man Fighting for Survival
BR Shetty’s story is a stark reminder of how rapid success can turn into a nightmare due to financial mismanagement and lack of oversight. Once the owner of a billion-dollar empire, today he struggles to settle debts and regain his lost reputation.
His downfall serves as a lesson to entrepreneurs and business magnates worldwide—transparency, financial discipline, and ethical governance are crucial for long-term sustainability.
Would Shetty ever recover from this disaster? Only time will tell. But for now, his journey stands as one of the most shocking financial collapses in corporate history.
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