New Delhi: Sometimes a split of second is all that it takes to snatch away everything from you. The same thing happened to BR Shetty, an Indian-born Emirati businessman and former billionaire whose fate caused him to lose nearly everything overnight.
Bavagutthu Raghuram Shetty moved to the Gulf from Karnataka and became a billionaire businessman. He built and acquired several companies including Abu Dhabi-based NMC Health and Finablr. He was listed as one of the richest Indians on Forbes’ billionaire list with a net worth of $3.15 billion. He acquired high-end villas in the Burj Khalifa and possessed private jets and luxury vehicles. However, an accusation by an investment research firm led to a sharp decline in his company shares, forcing him to sell his Rs 12,478 crore enterprise for a mere Rs 74.
Shetty moved from Karnataka to the Gulf seeking better prospects. He had bigger dreams and intended to build an empire in the healthcare and hospitality industry, but all he possessed at that time was a pitiful Rs 665. But destiny had bigger plans for Shetty. With his sharp acumen and vision, Shetty became one of the world’s wealthiest people. His net worth increased to Rs 18,000 crores. He did so by setting up his company in the Gulf. He propelled forward NMC Health, the UAE’s largest privately owned health operator. Shetty also listed Finabir, the holding company for his money remittance businesses UAE Exchange and Travelex Group. Shetty also owned the healthcare firm BR Life.
In the Gulf, Shetty started having an extravagant lifestyle. He spent Rs 207 crore to acquire luxury villas and occupy two entire floors in the iconic Burj Khalifa. he also acquired properties in Dubai’s World Trade Centre and Palm Jumeirah. He had his own private jet and expensive cars such as Rolls Royce and Maybach.
But in 2019, things took an ugly turn for Shetty after a UK-based investment research firm, Muddy Waters, claimed in a tweet that Shetty had fudged cash flow figures to hide actual debt. The company’s shares saw a sharp decline due to this, forcing Shetty to sell his Rs 12,478 crore empire to an Israeli-UAE consortium for a mere Rs 74.