Indian-born entrepreneur BR Shetty was once listed among the wealthiest individuals in the world. The tragic tale of BR Shetty, a businessman of Indian descent who previously owned multiple companies in the United Arab Emirates (UAE), had a net worth exceeding Rs 12,000, and enjoyed a life of utmost luxury, serves as a striking reminder of how swiftly one’s fortunes can crumble due to a single grave error, plunging anyone into the shadows of obscurity. Nevertheless, in a brief span, BR Shetty forged connections with affluent and influential figures, and a few years later, he founded the New Medical Center Health (NMC), the first private healthcare provider in the UAE, located in Dubai. BR Shetty – From wealth to poverty Throughout the years, BR Shetty’s fortune soared, thanks to his varied and prosperous business endeavors that spanned health, finance, real estate, and capital investment. At one point, his net worth reached $3 billion (approximately Rs 20,000 crore), positioning him among the richest individuals worldwide. The Indian-born business magnate led a life of luxury, owning private jets and a collection of Rolls Royce cars, and even purchased two entire floors in the opulent Burj Khalifa, along with several extravagant villas throughout Dubai. However, destiny took a harsh turn when, in 2019, the US-based short-seller Muddy Waters Research made serious allegations against BR Shetty’s companies. In a post on X (formerly Twitter), the short-seller shared a report indicating that Shetty’s firm was concealing a $1 billion debt from its investors. What did the short-seller’s report assert? In its findings, Muddy Waters Research claimed that Shetty had concealed the debt from his investors and deceived them by inflating cash flow figures. Following these allegations, the stock prices of Shetty’s companies plummeted, ultimately compelling him to sell his Rs 12,478 crore company to an Israel-UAE consortium for a mere Rs 74. In 2020, amidst ongoing investigations, BR Shetty stepped down from his position on the board, and on April 8 of that year
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