BR Shetty had to sell his Rs 12,478 crore company for just Rs 74 at the time to an Israeli-UAE consortium.
Bavaguthu Raghuram Shetty, popularly known as BR Shetty, was once an inspiration to many as the man built Rs 18000 crore net worth from just Rs 665. However, his inspirational story turned into a lesson after his massive empire went south. BR Shetty led a luxurious life with massive villas, high rise floors in Dubai, owned a private jet and exotic cars like Rolls Royce and Maybach before his empire had an epic topple where he had to sell his Rs 12400 crore company for just Rs 74.
Born in Karnataka, Shetty completed his pharmaceutical education from Manipal in India before serving as the Vice-Chairman of the Municipal Council in Udupi. In search of better opportunities, Shetty immigrated to the UAE with just Rs 665 in hand. After struggling for a couple of years, he founded New Medical Centre Health (NMC) with an aim to offer personalised and cost-effective healthcare. Initially, his wife was the only doctor there. Over the years, NMC scaled new heights and went on to become the largest private healthcare provider in the UAE. At his peak, BR Shetty owned two entire floors in Dubai’s towering crown jewel Burj Khalifa which he had acquired for a whopping Rs 207 crore. He used them to throw lavish parties. He also owned properties at Dubai's World Trade Centre and Palm Jumeirah.
The billionaire’s 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.
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