Meet woman, wife of Indian billionaire who went broke, sold his Rs 12000 crore company for just Rs 74 after..., her husband is...
In 1975, Dr. Chandrakumari Raghuram Shetty, joined her husband Dr. BR Shetty in founding the New Medical Center Health (NMC), UAE's first private healthcare provider company, in Dubai. The hospital was managed entirely by Chandrakumari Shetty, who was the only doctor in the clinic, at the time. Today, NMC is the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. Who is BR Shetty?
Born in a middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was once counted among the wealthiest people on the planet, ranking on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019.
BR Shetty began his career as a medical representative, and at age of 31, immigrated to Dubai, UAE in 1973 in search of better opportunities. As per reports, Shetty came to Dubai with just $8 to his name, and worked as a door-to-door salesman, selling medicines. In short time, Shetty built contacts with some wealthy and influential people, and a few years later, established UAE's first private healthcare provider, New Medical Center Health (NMC), in Dubai. BR Shetty's downfall
Over the years, BR Shetty's wealth swelled owing to his diversified and successful business ventures which ranged from health, finance, to real estate, and capital investment. At one point, BR Shetty had a net worth of $3 billion (around Rs 20,000 crore), making him one of the wealthiest men worldwide.
The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai.
However, fate took a cruel turn when in 2019, US-based short-seller Muddy Waters Research levelled damning allegations against BR Shetty's companies. In a post on X (former Twitter), the short-seller posted a report revealing that Shetty's firm owed a $1 billion debt which was kept secret from the company's investors.
In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty's companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74. Who is Chandrakumari Shetty?
Dr. Chandrakumari Shetty is a trained medical doctor and the wife of embattled Dubai-based Indian-origin billionaire BR Shetty. In 1975, Chandrakumari Shetty and her husband founded the NMC, UAE's first private healthcare provider, which has today grown into a healthcare giant with 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil.
Under Chandrakumari Shetty's leadership, NMC Health grew into the largest private healthcare company in the UAE, but following her husband's bankruptcy, she stepped down from her leadership role in the company in 2021, citing personal reasons.
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