Meet Indian Who Moved To Dubai With Rs 665, Built Rs 12,478 Cr Empire; Went Bankrupt With Just One Tweet

He was born in 1942 in Kapu, Udupi, Karnataka, BR Shetty started as a medical representative. Despite his modest background, he dreamt big and aimed to build something significant in the healthcare sector through determination and hard work. 

 

At 31, BR Shetty moved to Dubai with just $8 (around Rs 665), hoping for better opportunities. He worked as a salesman, selling medicines door-to-door. His persistence and ability to connect with influential people helped him lay the foundation for his business empire. 

 

In 1975, he established New Medical Center (NMC) Health, UAE’s first private healthcare provider. Realizing the financial difficulties faced by Indian expatriates, he later launched UAE Exchange, which soon became a key player in currency exchange and remittance services.  

His business empire expanded across healthcare, finance, real estate, and pharmaceuticals. By 2019, his wealth soared to $3 billion (around Rs 20,000 crore), making him one of the richest Kannadigas and a prominent name in global business circles.  

With immense wealth, Shetty lived a lavish life, owning multiple Rolls-Royce cars, private jets, and luxurious properties, including two floors in Burj Khalifa worth $25 million (almost over Rs 200 crore) and several villas in Dubai, symbolizing his extraordinary rise to financial success. 

 

In 2019, UK-based Muddy Waters accused BR Shetty's companies of financial fraud after the short-selling firm released a report via tweet exposing a $1 billion debt. Led by Carson Block, Muddy Waters’ allegations caused investors to lose confidence, crashing the company’s shares and triggering financial turmoil and legal scrutiny. The situation mirrored Hindenburg's accusations against the Adani Group.  

The crisis forced Shetty to sell his Rs 12,478 crore company for just Rs 74 to an Israel-UAE consortium. His bank accounts were frozen, businesses blacklisted, and he lost everything, marking one of the most dramatic financial collapses in history.  

According to Forbes, BR Shetty's net worth was estimated at $3.5 billion in 2019, positioning him as one of the most influential entrepreneurs in the Middle East with a vast business empire spanning healthcare, finance, and pharmaceuticals. (Image Credit: Wiki, File Photo)