Meet Indian who once owned floors in Burj Khalifa, private jet, but sold Rs 12400 crore company for just Rs 74 due to...

Bavagutthu Raghuram Shetty's journey from rags to riches and back has become a well-known narrative in the business world. Shetty, armed with a modest sum of Rs 665, ventured to the Gulf in search of opportunities, ultimately achieving a remarkable net worth of around Rs 18,000 crores. He played a pivotal role in establishing NMC Health, the largest privately-owned health operator in the UAE.

Living a lavish lifestyle, Shetty accumulated high-end properties, including two entire floors in the prestigious Burj Khalifa, spending a staggering Rs 207 crore on this acquisition. His possessions extended to a private jet and luxury cars such as Rolls Royce and Maybach. Additional properties in Dubai's World Trade Centre and Palm Jumeirah further enriched his portfolio, and he even secured a 50 percent stake in a private jet, purchased for Rs 34 crore in 2014.

However, Shetty's fortunes took a drastic turn in 2019 when Muddy Waters, a UK-based investment research firm led by short seller Carson Block, alleged in a tweet that Shetty had artificially inflated cash flow to conceal actual debt. This accusation led to a significant decline in the company's shares, forcing BR Shetty to part ways with his Rs 12,478 crore enterprise, ultimately selling it for a mere Rs 74 to an Israeli-UAE consortium.

In a remarkable twist of fate, a single tweet proved instrumental in altering the destiny of one of the wealthiest individuals, causing him to lose almost everything overnight.