At the peak of his success, UAE-based extravagant billionaire BR Shetty was worth over $3.15 billion and was among the richest people in the world.
From owning entire floors in Dubai’s sky-scraping crown jewel Burj Khalifa to being barred from entering the UAE, Bavaguthu Raghuram Shetty lost his net worth and high life due to a single fateful tweet. Coming to the Gulf virtually empty-handed, Shetty rose and rose to create the UAE’s largest privately owned health operator. At the peak of his success, the businessman was worth over $3.15 billion and among the richest billionaires of the world.
1. From rags to riches
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The Indian entrepreneur migrated to the Gulf in 1973 from his hometown of Udipi in Karnataka, India. Hailing from a family of farmers, BR Shetty was educated as a pharmacist. When he moved to the UAE, all he had was $8 and a bag that was later stolen from him.
2. Love for vintage and luxury cars
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BR Shetty’s love for fast cars and vintage automobiles was well-known. He reportedly owned a vintage Morris Minor 1000. He also owned several Rolls Royce luxury cars including the Silver Spirit and Phantom, which he loved driving. He was one of the first people in the UAE to own the ultimate sign of luxury, the Mercedes-Maybach M600.
3. Co-owned a private jet
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BR Shetty bought 50% rights of a private jet aircraft from a fellow Gulf billionaire for $4.2 million in 2014.
4. Bought two floors in Burj Khalifa to host parties
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The former billionaire used to own two entire floors (100 and 140) in the Burj Khalifa, which he reportedly bought for $25 million. The purpose of the floors - Shetty did not buy the properties for selling or using a home or an office, but to throw lavish parties.
5. The muddy waters
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BR Shetty’s too-good-to-be-true life was shaken up when a research firm called Muddy Waters alleged that his firm NMC was involved in financial fraud. It was reported that Shetty’s firm had failed to disclose debts of over $4 million. He lost most of his assets and his company, and had to reportedly flee to India. Dr Shetty holds a golden Visa to UAE. Bank of Baroda has got an order from an Indian Court to prevent him from travelling outside India which Dr Shetty has challenged in a lawsuit in a New York Court. As reported by a leading daily last year, Shetty has vowed to return to the gulf country and clear his name.
Pics courtesy: Facebook
