B. R. Shetty Net Worth $2.6 Billion
Bavaguthu Raghuram Shetty is an Indian-born businessman who is the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi-based NMC Health, Neopharma, BRS Ventures, and Finablr. Shetty’s initial interest in 1975 was in hospitals and hospitality and has since diversified into pharmaceuticals, financial services, retail, advertising and information technology. He was included on the Forbes list of India’s 100 Richest People in 2015 and was listed as the 42nd richest person in 2020.
In 2020, Shetty resigned from his board position while investigations were underway. On April 8, 2020, NMC Health went into Administration in UK due corporate governance concerns and a falling share price. Due to sharp drops in share prices and shares pledged by Shetty to pay for debts incurred, it is believed that his net worth has fallen to a fraction of the earlier estimate of $3.5 billion. Consequently, Forbes dropped Shetty from its 2020 annual list of billionaires.
On 15 April 2020, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the Attorney General’s Office of UAE. Now, Indian agencies have initiated probe to identify potential risks to Indian banks, if any. On 27 April 2020, the Central Bank of UAE ordered the freezing of his accounts and the blacklisting of his firms. Although, Shetty has been portrayed as guilty in the media, it is still unknown and theories suggest that upper management made decisions and deals without his knowledge. Shetty has not been proven guilty as of now.
