Latest news with #ChandrakumariShetty
India.com
20-05-2025
- Business
- India.com
Meet Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 124000000000 empire for only Rs 74 because…
Home Business Meet Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 124000000000 empire for only Rs 74 because… Meet Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 124000000000 empire for only Rs 74 because… Sometimes, a single mistake is all it takes to bring down everything a man has built. In this article, we will talk about Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to se Sometimes, a single mistake is all it takes to bring down everything a man has built. In this article, we will talk about Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 12400 crore company for just Rs 74 due to… Dr. B.R. Shetty, the visionary behind NMC Health, was once a billionaire and a towering name in the UAE's business world. But in 2019, everything changed when U.S.-based firm Muddy Waters Research alleged that his companies had hidden $1 billion in debt from investors. The revelation sent shockwaves through the financial world, triggering the collapse of his business empire. Shetty was eventually forced to sell his company for a mere Rs 74, marking one of the most dramatic downfalls in corporate history. Born on August 1, 1942, in Udupi, Karnataka, B.R. Shetty came from a humble middle-class background. In 1973, he moved to Dubai with just $8 (around Rs 665) in his pocket, fueled by hopes of building a better life. Starting out as a door-to-door medicine salesman, Shetty's determination and strong networking skills paved the way for something remarkable — the founding of NMC Health, which went on to become the UAE's first private healthcare provider. In 2019, at the height of his success, B.R. Shetty's net worth was estimated at $3.15 billion (around ₹20,000 crore), earning him a spot among India's richest, according to Forbes. His lavish lifestyle reflected his immense wealth—complete with private jets, a fleet of Rolls-Royce cars, and multiple luxury properties, including two entire floors in Dubai's iconic Burj Khalifa. 'In a step towards backward integration into the healthcare sector, Dr. Shetty set-up Neopharma in 2003. Neopharma is a state-of-the-art manufacturing facility and has collaborations with multinational companies like Pfizer, Merck, Abbot Laboratories, GSK, Hetero Pharmaceuticals and Biocon to name a few. Recently, Neopharma has acquired an antibiotic manufacturing facility in the USA,' reads his LinkedIn bio. Dr. Chandrakumari Raghuram Shetty, a respected medical professional in her own right, played a crucial role in the early growth of NMC Health. She joined her husband, Dr. B.R. Shetty, in his ambitious venture when he opened his first medical centre in 1975. As the company's first in-house doctor, she was instrumental in building its clinical foundation and later rose to become the Group Medical Director, shaping the medical direction of the entire organization. For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on More Stories
India.com
02-05-2025
- Business
- India.com
Meet woman, wife of Indian billionaire who went broke, sold his Rs 12000 crore company for just Rs 74 after..., her husband is...
Chandrakumari Shetty is the wife of embattled former billionaire BR Shetty. (File) 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.
