He was the chairman of Abu Dhabi Indian School, Abu Dhabi Indian School-Branch 1, Al Wathba and Bright Riders School till 2019. BR Shetty cuts a fine figure as he strides into the lobby of the Taj hotel in Mangalore dressed in an elegant gold-coloured kurta. In politics you didn't get money, whereas now the present governments, all over India, everywhere in the world, they are corrupt, they all take bribes. BR Shetty’s lenders have sold shares his firm pledged. Bavaguthu Raghuram Shetty is an Indian-born businessman who is the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi-based NMC Health, Neopharma, BRS Ventures, and Finablr. "I went along in my Rolls-Royce, took one blank cheque in my jacket pocket, planning to buy a one-bedroom apartment," he says. By Shantonil Nag . I returned to Abu Dhabi in 2001 and joined my father, BR Shetty, in his business. [52] In June 2015, Shetty received the Business Personality of the Year award from Crowe Horwath International. Muddu Babu Shetty or Mudhu Balwant Shetty (1931 – 23 January 1982) aka M. B. Shetty, simply known as Shetty was an Indian stuntman and action choreographer and actor in 1970s Hindi cinema. Devi Prasad Shetty, MS, FRCS, (born 8 May 1953) is an Indian cardiac surgeon and entrepreneur.He is the chairman and founder of Narayana Health, a chain of 21 medical centers in India. In mid-December about a third of them were. The drop in shares came following allegations by a US investment firm that NMC Health inflated cash balances and understated … Shetty also owns healthcare firm BR Life, which has a presence in India, Nepal, Africa and the Gulf region. On Wednesday, Dubai-based Khaleej Times reported, "Around Dh2 million, and still counting, were paid through bank transfers to BR Shetty's daughters' failed multiple F&B [food and beverages], jewellery and flower arrangement ventures due to financial problems." Bavaguthu Raghuram (B.R.) Mr Shetty started UAE Exchange in 1980, now present in more than 30 countries with 700 offices, tapping into demand from expatriate workers for a simplified remittance process. [50], In February 2015, the Indian Club - Bahrain recognized Shetty with a Centenary Award. ... Shetty’s son Binay is also related to the businesses and is the owner of many businesses founded by his father. [25], In February 2020, Bloomberg News report casted doubts on his real holding amidst the short-selling of NMC Health by Muddy Waters Research[26] Also in February 2020, Shetty was ousted from the NMC Health board following a corporate governance scandal over his holdings in the company. "I was happy to be helping the people. He was only 16 years old when he came here.". He is the founder and patron of the Indian Pharmaceutical Association in the Emirates, and is a member of the Advisory Board (Financial Sector), Economic Department, Government of Dubai, UAE and the Pharmaceutical Committee, Dubai. [24] Shetty also owned a hospital in Alexandria, two hospitals in Nepal, and acquired a hospital in Cairo as part of his personal portfolio under the same company. The UAE-based billionaire BR Shetty and two other directors resigned from the board of Travelex, which is owned by embattled payments and foreign exchange company Finablr. [22], In August 2019, BRS Ventures announced plans to invest $5 billion in developing healthcare facilities across India. Shetty, founder of NMC Health and UAE Exchange, has been in trouble since February. Indian-born UAE-based businessman BR Shetty was reportedly stopped from flying out of the country by immigration officials at the Kempegowda International Airport on Saturday. – Pocketful of Dirhams, Noor Sweid on how to pitch start-up investors in a challenging time, How to apply for a 10-year golden visa in the UAE - Pocketful of Dirhams, What changes to UAE company foreign ownership rules mean for you, How the new UAE law on wills and inheritance affects you – Pocketful of Dirhams, Listen: Huawei CTO says 'there's no back door' on questions of 5G security. [22], In June 2016, Shetty announced that he was building the first medical university in Abu Dhabi in honor of Sheikh Zayed. Shetty has received the prestigious Business Personality of the Year award", "Arabian Indian Czars Award: Times Now felicitates successful Indians in Middle East", "Dr. B R Shetty honoured with Global Indian Achiever Award", "Indian tycoon Shetty is honored with National Cultural Award", "NMC guides the way for the UAE's healthcare sector", "Gulf Business Industry Awards 2015: Business Leaders of the Year", "Dr. B.R.Setty Felicitated By Mor Ignatius Jacobite Syrian Orthodox Cathedral, Dubai", "Dr. B.R. He is now a wanted person by banks in UAE and India for cheating them for reportedly billions of dollars. Fall from Grace: How fortunes reversed for Udupi-born billionaire BR Shetty. We were young blood - we never knew what is corruption.". Scam-accused billionaire BR Shetty & his collection of luxury cars. These include a project in Kerala and he is looking for opportunities across the country. It is picturesque and peaceful but a far cry from his life in the UAE. Mr Shetty was working as a medical distributor in Udupi and he had built up a successful life in politics and doing social work in the community, which he was reluctant to leave behind. Shetty managed to take over the ownership of UAE Exchange from its founder Daniel Varghese in 1980 with the help of an Emirati and a former UAE minister of Justice, Abdulla Humaid Al Mazroei. Mr Shetty is 72 - but there is no slowing down for the energetic and youthful-looking mogul. He also owns a Mercedes-AMG GT, which he uses for track days. The young Narenedra Modi, who is widely being tipped to be the next prime minister of India, even came to work under him at one point. He also owns a Mercedes-AMG GT, which he uses for track days. [60] Shetty's NMC Healthcare was recognized at the 6th Middle East Business Leaders Awards in 2015, where Shetty was given the Industry Excellence in Healthcare Award. Shetty received The Distinguished Entrepreneur Award from the US India Friendship Society", "The recipients of Pravasi Bharatiya Samman – Times of India", "New Delhi B R Shetty Among Padma Shree Awardees", "IBPC Felicitates Padma Shri Award Winners – Khaleej Times", "Asian Achievers Awards for Dhahi Khalfan, others", "Biocon Chief Dr. Kiran Majumdar Shaw & NMC Chief Dr B.R.Shetty Declared Global Indian of the Year | Pharmaleaders TV", "UAE Exchange named leader, most promising brand in Asia", "Dr. B.R. [62] Also in 2016, Shetty won the Business Excellence Award from the Indian Business & Professional Council. [55] Also in 2015, H. H. Prince Faisal Bin Saud Bin Musaed Bin Abdulaziz presented Shetty with the National Cultural Award. [17][18] At that time, his wife was the only doctor in the clinic. Shetty Launches New Financial Firms Holding Company Finablr", "How Indian billionaire Bavaguthu Raghuram Shetty went bust", "Billionaire BR Shetty resigns from Abu Dhabi's NMC Health", "BR Shetty's fortune drops by $1.5 Billion", "Former Indian Billionaire's Gulf Dream Turns Sour", "ADCB files criminal complaint against individuals over NMC Health", "NMC's BR Shetty, 5 others face fraud, forgery charges", "After cases in UAE, BR Shetty on radar of Indian probe agencies", "UAE orders seizure of Shetty's assets; FTSE ousts NMC", "Mangalorean Tuluva B R Shetty Buy's Travelex for 1 billion", "BR Shetty, the astute businessman who turned $8 into $1bn", "Dr B.R.Shetty to build Abu Dhabi's first medical university in honour of Sheikh Zayed", "Dubai Dreams: From jobless medical rep to billions - BR Shetty", "Gulf private hospitals group NMC eyes UK launch after leap into FTSE 100", "Dr B.R. [38], Shetty was honored by the Pravasi Bharatiya Samman in 2007. His schedule is jam-packed: two weddings, an engagement party and picking up an award from the local Rotary Club in the presence of the mayor of Mangalore are among the things he has to do during his 36-hour trip, having arrived on an early morning flight from Dubai. Also read: Production-ready 2020 Mahindra Thar: This is IT! Mr Shetty is building an upmarket residential development in Udupi, which is scheduled to be completed next year. I had to reposition myself from being his child to becoming his employee, which was a challenging experience. Sometimes locals approach him and shyly ask if they can have their photograph taken with him, while others seek advice on their careers or businesses. [66], In May 2018 Shetty was recognized by Forbes Middle East among the top Indian leaders in the Arab world. [30], In August 2015, Shetty was elected as the Chairman to the board of directors of UAE Exchange. "Mr Modi came to Udupi to work for my election at that time. [59] In November 2015, he was felicitated by More Ignatius Jacobite Syrian Orthodox Cathedral in Dubai. He then upgrades and improves the facilities. Their son-in-law runs NMC’s pharmaceutical and consumer distribution arm. [14], B.R. With the funds, he wants to build a retirement home, a community hall, and a hospital which provides free health care in memory of his sister who died of cancer. [18] That same month, he was elected to be chairman of the Indian Business/Professional Group. Mr Shetty is well known for his philanthropy and he wants to give back to his community in India. It is the first healthcare company from the Gulf Cooperation Countries (GCC) and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and was part of the coveted FTSE 100 Index. Really, all youngsters should follow his way of hardwork, dedication. Embattled billionaire BR Shetty, son Binay hire restructuring experts. After working as the country's first medical representative,[17] he founded New Medical Centre Health (NMC) in 1975 to fill the need for personalized, cost-effective healthcare accessible to all. At the age of just 26, he had been appointed municipal vice chairman in Udupi. Premanath Shetty, UAE: Dr B.R Shetty is the courageous man and he created his own business empire.Now feeding to thousands of families.That blessings only enough for him. [67] In September 2018 Shetty received the C3 Lifetime Achievement Award. Genealogy profile for BR Shetty B Ramdas Shetty (deceased) - Genealogy Genealogy for B Ramdas Shetty (deceased) family tree on Geni, with over 200 million profiles of ancestors and living relatives. This is the third case where he has been convicted. [36] Given by H. H. Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, the first year the distinction was awarded. [46] He also received the 2013 Frost & Sullivan Lifetime Achievement Award. Questions remain over the role of Shetty’s family at the company. Shetty receives Lifetime Achievement Award", "Dr. B R Shetty honoured with Frost & Sullivan - Lifetime Achievement Award for the Year 2013", "Forbes Middle East Reveals Top Indian Leaders in the Arab World", "From salesman to biz tycoon: A serial entrepreneur's success mantras", "Bahrain : Dr Kalam presents Indian Club Centenary awards to Colaco, B R Shetty", "Sunil Vaswani takes top honours at Indian CEO Awards", "Dr. B.R. Neopharma has a research and development wing and works to provide quality medicines at affordable prices. [32] H. H. Sheikh Mohammed bin Rashid al Maktoum nominated Shetty as a member of the UAE medical council in September 2016. Embattled Indian billionaire businessman BR Shetty and his son Binay announced on Tuesday that they have have retained the services of restructuring experts Duff & Phelps. Shetty was an activist of the erstwhile Jan Sangh, the predecessor to the BJP, before he went to the UAE. Mrs Shetty remains NMC’s group medical director, supervising more than 2,000 doctors and 10,000 clinical staff. [37] Also in 2005, U.S. India Friendship Society presented Shetty the Distinguished Entrepreneur Award. For Mr Shetty, he is only too happy to be reliving his life in Udupi. He has lived in Abu Dhabi for more than 40 years, but he is back in his native country of India on a fleeting visit and we are meeting for a rare interview opportunity to explore his roots in the south-western state of Karnataka. Shetty honoured with Business Excellence Award", "Dr. B. R. Shetty honoured at the Annual Health Awards 2017 (NMC Health plc)", "Kempegowda International Festival lays emphasis on uniting Okkaligas under roof", "Revealed: Top Indian business leaders in Arab world", "C3 US-Arab Healthcare & Business Summit and Title Sponsor Alitheia Holdings Honors Keynote Speaker Dr. B.R. BR Shetty escapes to India as legal problems mount in the UAE Mangalore Today News Network. [20] Consequent to the request from the NMC board of directors and an on-going investigation of potential financial irregularities, the company was de-listed from London Stock Exchange and was removed from FTSE 100 index. UAE businessman of Indian origin B.R. [39][40], Shetty received the Padma Shri awarded by the President of India in 2009 for his contribution in the field of trade and industry. "[In the] UAE we are well established," he says. Updated: … One of six children, his father had also been a councillor and his mother a housewife, and Mr Shetty had a comfortable upbringing. It was acquired by Indian businessman BR Shetty in 2014, who went on to float the business as part of the wider Finablr group last year at a valuation of about £1.2bn. By 2016, it had expanded into over 31 countries and had approximately 800 direct offices. Led by Richard Clarke, Duff & Phelps will support their efforts in dealing with financial liabilities related to their family group interests, "including but not restricted to indirect exposures to NMC and Finablr debts". In 2014, it did over US$50 billion collectively in money remittance and exchange volumes. He responds warmly. [2][3] Shetty's initial interest in 1975 was in hospitals and hospitality and has since diversified into pharmaceuticals, financial services, retail, advertising and information technology. [19] NMC is now 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. [28], On April 27, 2020, the Central Bank of UAE ordered seizure of all assets of Shetty and his family in the UAE. [45] That same year, Shetty received the Asian Business Leadership Forum India-UAE Business Icons Award. [23] In August 2016, Shetty announced that he was building a 400-bed super-specialty hospital in Udupi in Karnataka through B R S Ventures. [17][21] Travelex has a global footprint including 1500 stores and 1300 ATMs across 27 countries. [68], Learn how and when to remove this template message, "Indian Rich List in full - ArabianBusiness.com", "I Want To Be The No. [54], Shetty received the Global Indian Achiever Award in 2015 from H. H. Sheikh Nahyan Bin Mubarak al Nahyan. The funds went towards building a specialty hospital in Khalifa City, Abu Dhabi. [29] Shetty has invested in a medical institution in the north Indian state of Uttarakhand. Shetty's son Binay is chief executive of BRS Ventures, the family's holding company. He lives in Abu Dhabi and he also has residences in Dubai, including famously owning the entire 100th floor of Burj Khalifa, bought for Dh45 million when the project was first launched. [53] That same month, Shetty received the Arabian Indian Czars award. The two other directors to have quit the company are Mr Shetty's son, Binay, and Abdulrahman Basaddiq, according to a statement from Travelex. He married Chandrakumari Shetty and has four children.[16]. In India the population is so high and it's a good growing market, a young population.". B.R. 1 Healthcare Provider in India Over The Next 10 Years", "Billionaire B.R. In 2020, Shetty was removed from his board position after being requested by board members. [8], Due to sharp drops in share prices and shares pledged by Shetty to pay for debts incurred, it is believed that his net worth has fallen to a fraction of the earlier estimate of $3.5 billion. [33], In April 2017, Shetty announced that he would invest Rs 1000 crore ($157.3 million) to produce a film with director V. A. Shrikumar Menon. BR Shetty spouse is the NMC Group Medical Director, while BR Shetty son, Mr. Binay, is BRS Ventures CEO and vice-chairman. [13] On 27 April 2020, the Central Bank of UAE ordered the freezing of his accounts and the blacklisting of his firms. BR Shetty landed in Abu Dhabi with $8 in 1973 and turned his sweat into a personal fortune worth billions. This then grew over the years to a chain of hospitals and pharmacies that serve millions of patients every year, and the firm was listed on the London Stock Exchange (LSE) two years ago. "I never did anything for the sake of making money," he says. "I didn't sleep two hours continuously.". Questions remain over the role of Shetty’s family at the company. Shetty is facing a slew of charges in UK and UAE after two of his top-notch … [42], In September 2012, Pharma Leaders founded by Satya Brahma declared Shetty as Global Indian of the Year along with Kiran Mazumdar Shaw at 5th Annual Pharmaceutical Leadership Summit & Pharma Leaders Business Leadership Awards 2012 in Mumbai. [14], Shetty was born in Kapu, Udupi to Tulu-speaking parents Shambhu Shetty and Koosamma Shetty on 1 August 1942 to an ethnic Tuluva family. "BR is a name that should be remembered by everyone because of his helping nature," Mr Hegde says. "This is the real wealth," he says, as he gazes out over the Arabian Sea at the idyllic and deserted beach, which is just a short distance from his home. The news said that Shetty and his business empire were accused of alleged financial irregularities and frauds worth billions of dollars. BR Shetty and his NMC. He already has hospitals with a capacity of 1,800 beds in India and the plan is to expand this to 6,000 beds in the next two years. Shetty’s healthcare and financial services empire suddenly unraveled after his two London-listed companies, NMC Health and Finablr, were enveloped in controversies. Agencies Bavaguthu Raghuram Shetty (File Pic) In mid-2018, during a media interaction, Bavaguthu Raghuram Shetty remarked: “If I don’t have one problem a day, that’s not a good day for me. [51] He received the Deal of the Year Award at the 2015 Indian CEO Awards. "He'll do good for the country, good for the economy," he says. I discover that he is treated similarly wherever he goes in the area. [27], On April 8, 2020, NMC went into Administration in UK due to insolvency of the company. [10], On 15 April 2020, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the Attorney General's Office of UAE. [19], In 2012, Shetty led NMC through an IPO on the London Stock Exchange, which raised $330 million. Shetty was stopped by immigration officials at the Bengaluru airport while returning to the UAE from India. Almost 10% of NMC’s freely traded shares are shorted, according to data from IHS Markit Ltd. [21][31] He was named chairman of The Indian Business/Professional Group in June 2016. In May 2019, however, the film was shelved due to creative issues. Diksha shetty, India, India: ". NMC Healthcare. His position in Abu Dhabi Indian School and Abu Dhabi Indian School-Branch 1, Al Wathba was taken up by the UAE-based Indian billionaire Yusuff Ali M.A. Dr.B.R.Shetty is a person who can be a role model for others. The company also contracts manufacturing for international pharmaceutical companies as well as generic brands for companies including, but not limited to, Merck, Pfizer, AstraZeneca, and Boots UK. for affordable, quality health care," he adds. He had a towering personality with a bald head, often cast as the villain brought down by heroes half his size. [9] Consequently, Forbes has dropped Shetty from its 2020 annual list of billionaires. Shetty … The UAE-based billionaire stepped down as co-chairman of NMC Health in February after the company's shares fell over 70 per cent since December. Khaleej Times has written in its reports that Shetty was trying to return to UAE from India after 8 months. "When you do a good job, whole-heartedly, diligently, sincerely, you succeed. Trained as a pharmacist, he struggled to find a job in Abu Dhabi because he did not know Arabic. [65] The following month, Shetty received the Nadaprabhu Kempegowda International Award at the Kempegowda International Festival. March 20, 2020: Mangalorean billionaire BR Shetty has flown to India as legal problems continue to mount in his UAE-based companies NMC Health and UAE Exchange, … He was included on the Forbeslist of India's 100 Richest People in 2015 and was listed as the 42nd richest perso… Shetty to expand his NMC group in UAE and GCC", "BR Shetty wants to promote India-UAE ties through IBPG", "Dr BR Shetty to Build 400-bed Super-specialty hospital in Udupi", "Old Jan Sangh hand, billionaire B R Shetty plans $5 billion investment in Indian healthcare", "Jet-setting billionaire Bavaguthu Raghuram Shetty had it all. Shetty's initial interest in 1975 was in hospitals and hospitality and has since diversified into pharmaceuticals, financial services, retail, advertising and information technology. It was a new place, the right country, the right timing, the right business, I think," he says of starting out in Abu Dhabi. [19] Shetty acquired Travelex, a major foreign exchange company, in 2014. The hotel manager immediately recognises Mr Shetty and rushes to greet him before I get the chance to introduce myself to the chief executive and managing director of the remittance firm, UAE Exchange, and the founding partner and chief executive of the healthcare company, NMC, based in Abu Dhabi. [44] In March 2013, he was awarded the International Achievers Summit's Lifetime Achievement Award. UAE Exchange was founded by Daniel Varghese in an attempt to ease the process of sending money by the expats to their families in their respective home countries. [35], In 2005, Shetty was awarded the highest civilian distinction in the Emirate, the Abu Dhabi Awards. India-born billionaire BR Shetty resigns from Abu Dhabi’s ailing NMC health ... Shetty, 77, was born in India and founded NMC in the 1970s after moving to Abu Dhabi. BR Shetty, the founder of payments group Finablr, has stepped down as its co-chairman and director with immediate effect, the London-based firm said on Monday. [34] The film, starring Mohanlal, was to be based on the novel Randamoozham, a retelling of Mahabharata. At the moment, he is acquiring "sick hospitals which are not doing well" in India. We visit his old family home in a secluded village outside of the town, where nostalgia takes over and he remembers playing with his siblings, tending to the grains and vegetables grown on their farm, picking the juiciest mangoes and coconuts, and swimming in the sea. Shetty has three daughters and one son. Other BR Shetty children have focused on other ventures that are doing well. "He's industrial-friendly, education-friendly.". [4][5] Sources of the island said that the UAE authorities arrested Bainai Shetty, son of the fugitive Indian investor, BR Shetty, who is hunting for claims to pay more than $ 7 billion, and his son … Bavaguthu Raghuram Shetty is an Indian-born businessman who is the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi-based NMC Health,[1] Neopharma, BRS Ventures, and Finablr. These days, things have come round full circle, and he seems to be increasingly focused on India. YCS Hegde, an 83-year-old retired lawyer in Udupi, has known Mr Shetty since he was a boy. He proudly points out that roads and buildings that he built in the town during his tenure and talks about the water and drainage systems he installed. He is an avid car lover and owns many exotics including a Lexus and a Maserati. "Now we are back home. [64], In January 2017, Shetty was honored at the Annual Health Awards with a special award for his contribution to the region's healthcare industry. In 2003, Shetty founded NMC Neopharma, a UAE based pharmaceutical manufacturer. He thought about turning back, but then he created a role for himself, selling medicine door-to-door to become the "first outdoors salesman as a medical representative" in the UAE, walking through the searing heat of the desert city carrying his supplies. [15] Shetty completed his pharmaceutical education from Manipal in India and also served as the Vice-Chairman of the Municipal Council in Udupi. BR Shetty cuts a fine figure as he strides into the lobby of the Taj hotel in Mangalore dressed in an elegant gold-coloured kurta. Mr Shetty left behind the lush, palm-fringed town of Udupi for Abu Dhabi in 1973 with just a few dollars in his pocket, looking to earn enough to repay a large debt after borrowing money to pay the dowry for one sister's wedding. 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