Meet B. R. Shetty: The Indian-Born Billionaire Forced to Sell His Rs. 12,478 Crore Company for Just Rs. 74
Indian-born billionaire B.R. Shetty lost his Rs. 12,478 crore company amid scandal, selling it for just Rs. 74 after hidden debts surfaced in 2019.
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B. R. Shetty’s story is a dramatic rise and fall that stunned the business world. Once among the richest men globally, this Indian-born entrepreneur saw his vast empire crumble in a matter of months, culminating in the sale of his Rs. 12,478 crore company for a mere Rs. 74.
From Humble Beginnings to Billionaire Status
Born in 1942 in Udupi, Karnataka, Dr. Bavaguthu Raghuram Shetty moved to the UAE at 31 with little more than ambition and a few dollars. Starting as the country’s first medical representative, he soon founded New Medical Centre Health (NMC) in 1975, aiming to address healthcare accessibility and affordability. Under his visionary leadership, NMC became the UAE’s first private healthcare provider and expanded internationally, listing on the London Stock Exchange and FTSE 100.
Shetty’s empire extended to owning UAE Exchange, Travelex, Neopharma, BRS Ventures, and Finablr. Known for his lavish lifestyle, including two floors in Burj Khalifa and a prized Rolls-Royce collection, he reached a peak net worth of USD 3 billion in 2019 and was regularly featured on Forbes’ richest Indians list.
The Sudden Downfall
Shetty’s fortunes took a sharp turn when Muddy Waters Research, a US-based investment firm, accused his company of hiding a massive USD 1 billion debt. The allegations triggered a crisis: Shetty resigned from NMC’s board, and the company entered UK administration. Legal troubles escalated as Abu Dhabi Commercial Bank filed complaints, the UAE Central Bank froze his accounts, and his businesses were blacklisted. An investigation in India is still underway.
A Cautionary Tale
By 2020, Shetty vanished from the billionaire lists. Though not destitute, his wealth shrank drastically compared to his former glory. Forced to sell his once-mighty company for a symbolic Rs. 74 to an Israel-UAE consortium, his fall from grace is a sobering reminder of how quickly fortunes can change in the cutthroat world of business.
B. R. Shetty’s journey—from humble beginnings to towering success and rapid collapse—reads like a modern-day tragedy, highlighting the fragile nature of wealth and reputation.
