Indian billionaire BR Shetty goes down from riches to dust

 
In 2019, Forbes ranked Bavaguthu Raghuram Shetty's net worth at an estimated US$3.15 billion. The Karnataka native had helped found UAE hospital operator NMC Health and financial services firm Finablr, and had become famous for flashing his cash, throwing parties, talking about his love of fast cars and bragging about his Burj Khalifa purchases.

However, it all came crashing down earlier this year, when research firm Muddy Waters released a report revealing NMC's complex share arrangements, sparking allegations of fraud and the disclosure of more than US$4 billion in hidden debts. Since then the situation has snowballed, and Shetty has lost most of his wealth. He has insisted that he wants to clear his name, reported The National, claiming his signature was forged on documents and that business dealings went ahead without his approval or knowledge.

Shetty is in the very rare category of ultra-rich people able to own flats in the iconic Burj Khalifa in Dubai. It is the tallest skyscraper in the world, and the Indian businessman flaunted his wealth by buying all the units on the 100th and 140th floors, according to The Economic Times. India TV News reported that Shetty dropped about US$25 million on them.
 

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