Meet man, who once owned floors in Burj Khalifa, luxury cars, private jet, sold Rs 12400 crore company for just Rs 74

BR Shetty's rise and fall story has been a famous tale in the business world. Bavagutthu Raghuram Shetty moved to the Gulf in search of opportunities. At the time, he had only Rs 665 in his hand. 

From Rs 665, Shetty went on to become one of the world's richest billionaires with a net worth of around Rs 18000 crores. BR Shetty established his company in the Gulf and went on to build the UAE’s largest privately owned health operator NMC Health. 

He led an expensive life with luxurious villas and high-rise floors in Dubai. He owned two entire floors in Dubai’s towering crown jewel Burj Khalifa which he had acquired for a whopping Rs 207 crore. Shetty even owned a private jet and several luxury cars like Rolls Royce and Maybach. 

He even owned property at Dubai's World Trade Centre and Palm Jumeirah. Apart from luxurious cars and properties, Shetty also owned 50 percent rights to a private jet aircraft which he acquired from a fellow billionaire for Rs 34 crore in 2014. 

However, his fate turned around in 2019 when a UK-based investment research firm, Muddy Waters, operated by a short seller named Carson Block, in a tweet alleged that Shetty inflated cash flow to show less debt. This triggered a fall in the company's shares and as a result, BR Shetty had to sell his Rs 12,478 crore company for just Rs 74 at the time to an Israeli-UAE consortium.

Read: Meet man who borrowed money to start work, now runs Rs 6100 crore company, his business is...

This is how a single tweet turned one of the richest men's fates around and he lost almost everything overnight.