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In 1975, with the help of loans, Shetty establishes the New Medical Centre (NMC) in Abu Dhabi with an initial capital of 15,000 dirhams (around Rs 34,268).
Born in 1942 in Udupi, Karnataka, Bavaguthu Raghuram Shetty started his career as the UAE’s first medical representative, selling medicines door-to-door.
The rise and fall of B R Shetty is one of the most dramatic stories in modern Indian business history, an arc that spans from humble beginnings to global success, and eventually, a stunning collapse that wiped out billions in value.
Born in 1942 in Udupi, Karnataka, Bavaguthu Raghuram Shetty’s journey began far from the boardrooms he would later dominate. In 1973, with just 7 dirhams (roughly Rs 50-60) in his pocket, he moved to the UAE in search of better opportunities.
Trained as a pharmacist, Shetty started his career as the UAE’s first medical representative, selling medicines door-to-door. It was here that he identified a crucial gap, affordable and accessible healthcare for the masses.
Building a Healthcare Empire
In 1975, with the help of loans, Shetty established the New Medical Centre (NMC) in Abu Dhabi with an initial capital of 15,000 dirhams (around Rs 34,268). What began as a small clinic, where his wife, Chandrakumari Shetty, was the only doctor—soon grew into something much bigger.
Over the years, he expanded aggressively. Ventures like NMC Trading (1981) and Neopharma (2003) helped scale operations and diversify the business.
NMC eventually became the largest private healthcare provider in the UAE, treating over four million patients annually across 45 facilities in 12 cities and 8 countries, including Oman, Spain, Italy, Denmark, Colombia, and Brazil.
Recognition and Global Expansion
Shetty’s success brought him global recognition. In 2009, he was awarded the Padma Shri, India’s fourth-highest civilian honour, for his contributions to trade and business. The company’s ambitions grew further when NMC was listed on the London Stock Exchange (LSE) in 2012, unlocking capital for rapid expansion.
In 2018, Shetty launched Finablr as a holding company for his financial services businesses. His wealth soared, with luxury properties, stakes in iconic assets like the Burj Khalifa, private jets, and a place on the Forbes World’s Billionaires list in 2014.
The Unravelling: Allegations of Fraud
The turning point came in 2019, when US-based short-seller Muddy Waters released a report alleging serious financial irregularities. The report claimed that Shetty had hidden over Rs 48,967 crore in debt from around 80 banks. It also alleged manipulation of revenue figures to artificially inflate profitability and stock prices.
The revelations triggered a crisis of confidence. Lenders backed away, and the company’s financial structure began to collapse.
Collapse and Fire Sale
As debt piled up and no buyers were willing to absorb the liabilities, Shetty’s business empire began to disintegrate. Multiple assets were sold off. The most shocking deal was that of Finablr — once valued at Rs 12,000 crore — which was sold for just Rs 74.
This symbolic price reflected not value, but the burden of debt and legal risks attached to the business.
Legal Battles and Fallout
Following the collapse, UAE authorities initiated multiple criminal and civil cases against Shetty. Investigations into forgery and money laundering allegations were launched by both UAE authorities and India’s Central Bureau of Investigation.
Shetty left the UAE for Mangaluru, citing personal reasons, including his brother’s illness. He has consistently denied wrongdoing, claiming he was a victim of fraud.
April 11, 2026, 09:00 IST
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