BR Shetty began his career as a medical representative, immigrating to Dubai, UAE, at age 31, where he established the New Medical Center Health (NMC), UAE’s first private healthcare provider.
While there are countless riches-to-rags stories of billionaires losing substantial wealth, the heart-wrenching saga of BR Shetty stands out. This Indian-born entrepreneur, who once commanded a remarkable net worth of ₹12,000 crore and indulged in a life of opulence—including owning flats in Dubai’s iconic Burj Khalifa—has become a cautionary tale of how quickly fortunes can turn with one misstep.
Who is BR Shetty?
Born on August 1, 1942, in Udupi, Karnataka, BR Shetty was an embodiment of tenacity. Hailing from a middle-income family, he aimed high from the outset. Initially working as a medical representative, Shetty took a bold step at age 31, immigrating to Dubai in 1973 with only $8 in his pocket, hoping to carve a better future.
In Dubai, his first venture involved selling medicines door-to-door. This humble start allowed him to build valuable relationships with influential figures. A few years later, he founded the New Medical Center Health (NMC), marking a significant milestone as UAE’s first private healthcare provider.
The Rise of NMC
NMC quickly garnered attention, managed initially by Shetty’s wife, who served as the clinic’s sole doctor. Today, NMC stands tall as the largest private healthcare provider in the UAE, serving over four million patients annually through its extensive network of 45 facilities across 12 cities and 8 countries, including Spain, Denmark, and Brazil.
Additionally, NMC became a landmark achievement as the first company from the Gulf Cooperation Council to get listed on the premium segment of the London Stock Exchange, even featuring in the prestigious FTSE 100 Index. However, this success was fleeting; allegations of financial discrepancies led to its delisting in 2020.
Beyond Healthcare
BR Shetty didn’t stop with NMC. He also founded UAE Exchange, aimed at easing the remittance process for Indian expatriates struggling to send money home. Launched in the late 70s, this venture has grown into a colossal network, with 800 offices across 31 countries as of 2016.
In 2003, he founded NMC Neopharma, a significant pharmaceutical manufacturing company, which gained notoriety after being inaugurated by the former President of India, A.P.J. Abdul Kalam.
From Riches to Rags
Shetty’s empire soared over the years—at one point, his wealth peaked at around $3 billion (approximately ₹20,000 crore). His luxurious lifestyle included private jets, an impressive fleet of Rolls Royces, and multiple properties, including two entire floors in Burj Khalifa.
However, disaster struck in 2019 when US-based short-seller Muddy Waters Research published alarming allegations against Shetty’s companies. The report revealed that his firms were hiding a staggering $1 billion debt, which had been concealed from investors. This revelation sent shockwaves through the financial world, causing the stock value of his companies to plummet.
As a result, Shetty was compelled to sell his company, NMC Health, to an Israel-UAE consortium for a mere ₹74—an unfathomable drop from its previous valuation of ₹12,478 crore. Following this, an investigation was launched that led to his resignation from the board of NMC Health in 2020 and ultimately sent the company into administration due to governance issues.
As if this weren’t enough, Abu Dhabi Commercial Bank filed a criminal complaint against NMC, prompting the UAE Attorney General’s Office to freeze Shetty’s assets and blacklist his companies. Compounding his troubles, Indian authorities also initiated a probe to understand the potential ramifications for Indian banks linked to his ventures.
Currently, BR Shetty’s net worth bears little resemblance to his previous fortune, leading Forbes to remove him from its annual billionaires list in 2020.
