At the peak of his success in 2019, Forbes had estimated Shetty’s net worth at USD 3.5 billion (around Rs 24,000 crore), making him one of the most influential and wealthiest entrepreneurs in the Middle East.
BR Shetty, once a towering figure in the Middle East business world, rose from humble beginnings to build a massive healthcare and finance empire. However, his remarkable success story took a tragic turn when a financial scandal led to the collapse of his multi-billion-dollar enterprise, which he was eventually forced to sell for a mere Rs 74—a fraction of its original Rs 12,478 crore worth.
Born in 1942 in Kapu, Udupi, Karnataka, Shetty came from a modest background. He started his career as a medical representative but always dreamed of creating something impactful in the healthcare sector. At the age of 31, seeking better opportunities, he moved to Dubai with just USD 8 (around Rs 665) in his pocket. To make ends meet, he worked as a salesman, going door-to-door selling medicines. His determination and knack for building connections with influential people eventually laid the foundation for his future business ventures.
BR Shetty’s Rise to the Top
In 1975, Shetty founded New Medical Center (NMC) Health, the first private healthcare facility in the UAE. Under his leadership, NMC Health grew at a remarkable pace, becoming the largest private healthcare provider in the UAE. The company treated over four million patients each year and expanded its footprint internationally. Its success earned it a spot on the London Stock Exchange, where it was listed as part of the prestigious FTSE 100 Index—a major achievement for any business.
Recognizing the financial struggles of Indian expatriates, he later launched UAE Exchange, which quickly became a major player in money transfers and currency exchange. Over the years, his business interests grew, spanning healthcare, finance, real estate, and pharmaceuticals.
By 2019, Shetty’s wealth had skyrocketed to USD 3 billion (around Rs 20,000 crore), making him one of the wealthiest Kannadigas and a renowned figure in global business circles. His immense fortune allowed him to lead an extravagant lifestyle—he owned several Rolls-Royce cars, private jets, and lavish properties, including two entire floors in Dubai’s Burj Khalifa, valued at over Rs 200 crore, along with luxurious villas in Dubai.
However, his empire came crashing down when financial irregularities and mounting debts were exposed. The scandal wiped out his fortune, marking one of the most dramatic downfalls in corporate history.
A Single Tweet That Shattered a Billion-Dollar Empire
In 2019, UK-based short-selling firm Muddy Waters sent shockwaves through the financial world with a single tweet. The firm, led by Carson Block, accused BR Shetty’s companies of massive financial fraud. The tweet linked to a report that exposed over USD 1 billion in hidden debt, triggering an immediate collapse in investor confidence. The scandal sent Shetty’s company shares into freefall, sparking legal investigations and financial chaos reminiscent of the Hindenburg accusations against the Adani Group.
As the crisis worsened, Shetty’s Rs 12,478 crore business was reduced to rubble. In a desperate bid to salvage whatever was left, he was forced to sell his empire for just Rs 74 to an Israel-UAE consortium. His bank accounts were frozen, his businesses blacklisted, and his once-mighty corporate legacy crumbled overnight.
At the peak of his success in 2019, Forbes had estimated Shetty’s net worth at USD 3.5 billion (around Rs 24,000 crore), making him one of the most influential and wealthiest entrepreneurs in the Middle East.
