Who is BR Shetty? UAE-based billionaire now accused of fraud

From a man who created an overseas business empire with just $8 to a person under scanner from investigative agencies across the globe, life has taken a full circle for Bavaguthu Raghuram Shetty. The man, who finds all his accounts frozen by the Central Bank of UAE and firms blacklisted, was at one time the poster boy of the Gulf dream for thousands of Indians toiling in the Middle-East.

Legend says Shetty, founder of Abu Dhabi-based NMC Health and UAE Exchange arrived initially in the UAE with just $8 in his pocket. Starting as a medical representative in 1973, the Udupi native soon saw his fortunes rise and in just two years, he found his own medical firm, New Medical Centre Health (NMC). Aimed at providing affordable and personalised healthcare to all, the firm soon emerged as the largest private healthcare provider in the UAE.

Five years later, Shetty established the UAE Exchange, with the aim of helping expats in the process of sending money to their home countries. With branches across 31 countries, UAE Exchange helped Shetty not only in expanding his empire but also made him a known face among the large expat population of Middle-East. This was followed by the founding of NMC Neopharma, a UAE-based pharmaceutical manufacturer in 2003. Shetty further expanded his business empire by establishing hospital facilities across the globe.