The story of B R Shetty is one of the most dramatic rises and falls in modern Indian business, spanning a journey from modest beginnings to global success and eventually a major financial collapse.
Born in 1942 in Udupi, Karnataka, Bavaguthu Raghuram Shetty began his life far from the corporate world he would later enter. In 1973, he moved to the UAE with just 7 dirhams (around ₹50–60), searching for better opportunities.
A trained pharmacist, he started out as the UAE’s first medical representative, visiting clients to sell medicines. During this time, he identified a major gap in affordable and accessible healthcare.
In 1975, with borrowed funds, he founded the New Medical Centre (NMC) in Abu Dhabi with an initial investment of 15,000 dirhams. What began as a small clinic with his wife as the only doctor gradually expanded into a large healthcare network.
Over the years, Shetty aggressively expanded his business empire. Companies like NMC Trading and Neopharma helped him build a diversified healthcare and pharmaceutical group. Eventually, NMC became the largest private healthcare provider in the UAE, treating millions of patients across multiple countries.
His success earned global recognition, including the Padma Shri in 2009. In 2012, NMC was listed on the London Stock Exchange, strengthening its global reach. Later, he launched Finablr as a financial services holding company, and his wealth surged, with investments in luxury assets and a place on the Forbes billionaire list.
However, the turning point came in 2019 when a report by US-based short-seller Muddy Waters alleged major financial irregularities. It claimed that large debts, estimated at nearly ₹49,000 crore, were hidden across multiple banks and that revenues had been inflated.
These allegations triggered a crisis of confidence among lenders and investors, leading to a rapid financial collapse.
As the pressure mounted, assets were sold off, and once-valuable companies were liquidated. Finablr, which had been valued at around ₹12,000 crore, was reportedly sold for just ₹74, highlighting the scale of the downfall.
Following the collapse, legal investigations were launched in the UAE and India, including probes into alleged fraud and money laundering. Authorities initiated both civil and criminal cases.
Shetty eventually left the UAE and returned to Mangaluru, citing personal reasons, including his brother’s health. He has denied all allegations, maintaining that he was misled and became a victim of fraud.
