Dr. Bavaguthu Raghuram Shetty, commonly known as B.R. Shetty, is an Indian-born entrepreneur whose journey from humble beginnings in Udupi, Karnataka, to establishing a multibillion-dollar business empire in the UAE is both inspiring and cautionary. Once celebrated as a visionary in healthcare and finance, Shetty’s empire has faced significant challenges in recent years, leading to legal disputes and financial setbacks.
Early Life and Entrepreneurial Ventures
Born on August 1, 1942, in Udupi, Shetty pursued pharmaceutical studies at Manipal University. In 1973, he moved to Abu Dhabi with limited resources and began his career as a medical representative. In 1975, he founded New Medical Centre (NMC) Health, which grew to become the UAE’s largest private healthcare provider, with operations in multiple countries and a listing on the London Stock Exchange. Shetty also expanded into finance with UAE Exchange and Neopharma, and into digital payments with Finablr. At its peak, his business empire was valued at over $10 billion.
Financial Collapse and Legal Challenges
In 2020, NMC Health faced a financial crisis when a short-seller report revealed over $4 billion in hidden debts and inflated assets. The company entered administration in the UK, and Shetty resigned from his board position amidst corporate governance concerns. Subsequent investigations by the UAE authorities led to the freezing of Shetty’s assets and the blacklisting of his companies. In 2025, the Dubai International Financial Centre (DIFC) Court ordered Shetty to pay approximately $46 million (₹381 crore) to the State Bank of India over a disputed loan guarantee, criticizing his testimony as “an incredible series of lies and contradictory claims” The National+1.
Current Status and Outlook
As of October 2025, Shetty remains entangled in legal proceedings in both the UAE and India. His once-thriving business ventures have been significantly impacted, with ongoing restructuring efforts for NMC Health and other entities. Shetty’s story serves as a reminder of the complexities and risks associated with rapid business expansion and the importance of transparency and ethical governance in sustaining long-term success.
Conclusion
B.R. Shetty’s rise from modest beginnings to becoming a prominent figure in the UAE’s business landscape is a testament to entrepreneurial spirit and determination. However, the challenges he faces today highlight the critical need for sound financial practices and integrity in business operations. His journey offers valuable lessons for aspiring entrepreneurs and established business leaders alike.