BR Shetty's Dramatic Fall: From Billionaire to Financial Scandal

BUSINESS

By Aniket Chakraborty Apr 28, 2025 Arrow Image Credit | @DrBRShetty | X

In 1975, Shetty founded NMC Health, the UAE’s first private healthcare provider, marking the start of his wealth-building empire.

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Under Shetty’s leadership, NMC Health expanded to 45 facilities in 12 cities, with his wealth reaching an estimated $3 billion.

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Shetty also founded UAE Exchange and NMC Neopharma, cementing his status as a prominent business figure in the Middle East.

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Shetty’s success afforded him a lavish lifestyle, including private jets, multiple villas, and two full floors in Dubai’s Burj Khalifa.

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In 2019, Muddy Waters Research accused NMC Health of concealing $1 billion in debt, starting the chain of events that led to Shetty’s downfall.

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Following the allegations, NMC’s shares crashed, and Shetty was forced to sell his $12,478 crore company for just Rs 74 crore.

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Investigations in the UAE and India led to frozen bank accounts, blacklisted firms, and criminal complaints filed by Abu Dhabi Commercial Bank.

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Shetty’s net worth dwindled, and by 2020, he was removed from Forbes’ Billionaires List, marking a dramatic fall from grace.

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BR Shetty’s story remains a cautionary tale about the volatility of corporate success and the consequences of financial misconduct.

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