Bavaguthu Raghuram Shetty, popularly known as B.R. Shetty, is a UAE-based Indian-born businessman whose journey from a small town in Karnataka to the helm of a global healthcare and finance empire is both inspiring and cautionary. As per a TOI report, he was born on 1 August 1942 at Bavaguthu House in Udupi, into a Tulu-speaking Bunt family. His early education was in a Kannada-medium school, followed by pharmaceutical studies at Manipal, India. Driven by financial challenges, he left India in 1973 to seek opportunities in the newly emerging United Arab Emirates.
How B.R. Shetty Started His First Medical Venture in the UAE with Limited Resources
According to a TOI report, upon arriving in the UAE, Shetty worked briefly as the country’s first medical representative. In 1975, he founded the New Medical Centre (NMC), a modest clinic where his wife, Chandrakumari Shetty, served as the sole doctor. His vision was to provide affordable, personalised healthcare in a region experiencing rapid population growth. Over time, NMC expanded its footprint beyond the UAE, establishing medical facilities across Saudi Arabia, Oman, Europe, and Latin America, growing into a multi-billion-dollar healthcare brand.
B.R. Shetty’s Diversification into Finance and Pharmaceuticals with UAE Exchange and Neopharma
Building on his early success in healthcare, Shetty diversified into financial services by launching UAE Exchange in 1980, targeting expatriates who needed reliable money transfer solutions. In 2003, he established Neopharma, a pharmaceutical manufacturing unit in Abu Dhabi, providing world-class medicines. His 2014 acquisition of Travelex, an international foreign exchange company, further cemented his global presence under the holding company, Finablr.
From Local Clinic to London Stock Exchange Listing
As per a TOI report, NMC Health became the first UAE healthcare company to be listed on the London Stock Exchange in 2012. Initially valued at over $1 billion, its worth surged above $10 billion at its peak. Shetty’s personal fortune was estimated between $3.5 billion and $4 billion. His achievements earned him India’s Padma Shri award and recognition across global business communities. His luxurious lifestyle, including properties in Burj Khalifa and a collection of exotic cars, reflected his success.
How B.R. Shetty’s Empire Faced a $4 Billion Financial Collapse in the UAE and UK
The fortune began unraveling in December 2019 when US-based short-seller Muddy Waters Research accused NMC Health of inflating cash balances and hiding debts. By early 2020, NMC disclosed over $4 billion in previously undisclosed debt, triggering investigations that revealed forged documents, unauthorised loans, and weak corporate governance. In February 2020, Shetty resigned from his positions, claiming ignorance, while evidence pointed to widespread financial mismanagement.
Timeline of Legal Battles, Asset Freezes, and Court Orders Against B.R. Shetty
From February to April 2020, the crisis spread to related entities such as UAE Exchange and Finablr. NMC Health was placed into administration by a UK High Court judge on 8 April. Over 80 banks and creditors faced major losses, with Abu Dhabi Commercial Bank exposed to nearly $1 billion. Between 2020 and 2023, Shetty’s assets were frozen, multiple lawsuits were filed, and investigations across jurisdictions revealed forgery and financial manipulations.
The TOI report also revealed that in October 2025, Dubai’s DIFC Court ordered Shetty to pay $46 million to the State Bank of India for unpaid personal guarantees on a $50 million loan. The court criticised Shetty’s denials as “an incredible parade of lies,” citing evidence such as emails, witness testimony, photographs, and handwriting analyses.
Where B.R. Shetty and NMC Health Stand Today After the Corporate Collapse
Today, NMC Health continues operations under new ownership, separate from Shetty’s control. Shetty remains embroiled in legal battles, with frozen assets and multiple investigations ongoing. His empire, once valued at billions, has largely dissolved. The story of B.R. Shetty serves as both an inspiring tale of ambition and a stark warning about the importance of transparent governance in business.
Inputs from TOI
How B.R. Shetty Started His First Medical Venture in the UAE with Limited Resources
According to a TOI report, upon arriving in the UAE, Shetty worked briefly as the country’s first medical representative. In 1975, he founded the New Medical Centre (NMC), a modest clinic where his wife, Chandrakumari Shetty, served as the sole doctor. His vision was to provide affordable, personalised healthcare in a region experiencing rapid population growth. Over time, NMC expanded its footprint beyond the UAE, establishing medical facilities across Saudi Arabia, Oman, Europe, and Latin America, growing into a multi-billion-dollar healthcare brand.
B.R. Shetty’s Diversification into Finance and Pharmaceuticals with UAE Exchange and Neopharma
Building on his early success in healthcare, Shetty diversified into financial services by launching UAE Exchange in 1980, targeting expatriates who needed reliable money transfer solutions. In 2003, he established Neopharma, a pharmaceutical manufacturing unit in Abu Dhabi, providing world-class medicines. His 2014 acquisition of Travelex, an international foreign exchange company, further cemented his global presence under the holding company, Finablr.
From Local Clinic to London Stock Exchange Listing
As per a TOI report, NMC Health became the first UAE healthcare company to be listed on the London Stock Exchange in 2012. Initially valued at over $1 billion, its worth surged above $10 billion at its peak. Shetty’s personal fortune was estimated between $3.5 billion and $4 billion. His achievements earned him India’s Padma Shri award and recognition across global business communities. His luxurious lifestyle, including properties in Burj Khalifa and a collection of exotic cars, reflected his success.
How B.R. Shetty’s Empire Faced a $4 Billion Financial Collapse in the UAE and UK
The fortune began unraveling in December 2019 when US-based short-seller Muddy Waters Research accused NMC Health of inflating cash balances and hiding debts. By early 2020, NMC disclosed over $4 billion in previously undisclosed debt, triggering investigations that revealed forged documents, unauthorised loans, and weak corporate governance. In February 2020, Shetty resigned from his positions, claiming ignorance, while evidence pointed to widespread financial mismanagement.
Timeline of Legal Battles, Asset Freezes, and Court Orders Against B.R. Shetty
From February to April 2020, the crisis spread to related entities such as UAE Exchange and Finablr. NMC Health was placed into administration by a UK High Court judge on 8 April. Over 80 banks and creditors faced major losses, with Abu Dhabi Commercial Bank exposed to nearly $1 billion. Between 2020 and 2023, Shetty’s assets were frozen, multiple lawsuits were filed, and investigations across jurisdictions revealed forgery and financial manipulations.
The TOI report also revealed that in October 2025, Dubai’s DIFC Court ordered Shetty to pay $46 million to the State Bank of India for unpaid personal guarantees on a $50 million loan. The court criticised Shetty’s denials as “an incredible parade of lies,” citing evidence such as emails, witness testimony, photographs, and handwriting analyses.
Where B.R. Shetty and NMC Health Stand Today After the Corporate Collapse
Today, NMC Health continues operations under new ownership, separate from Shetty’s control. Shetty remains embroiled in legal battles, with frozen assets and multiple investigations ongoing. His empire, once valued at billions, has largely dissolved. The story of B.R. Shetty serves as both an inspiring tale of ambition and a stark warning about the importance of transparent governance in business.
Inputs from TOI
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