Bavagutthu Raghuram Shetty’s ascent and descent have become a widely-known narrative in the business sphere. Shetty ventured to the Gulf in pursuit of opportunities, armed with a modest sum of Rs 665.
From this humble starting point, Shetty transformed into one of the world’s wealthiest individuals, amassing a net worth of approximately Rs 18,000 crores. Establishing his company in the Gulf, he became the driving force behind NMC Health, the UAE’s largest privately owned health operator.
Living an opulent lifestyle, Shetty acquired high-end villas and occupied two entire floors in the illustrious Burj Khalifa, spending a staggering Rs 207 crore on this acquisition. His possessions extended to a private jet, along with luxury automobiles such as Rolls Royce and Maybach.
Additional properties in Dubai’s World Trade Centre and Palm Jumeirah added to his impressive portfolio. Shetty even secured a 50 percent stake in a private jet, purchased from a fellow billionaire for Rs 34 crore in 2014.
However, Shetty’s fortunes took a sharp turn in 2019 when a UK-based investment research firm, Muddy Waters, led by short seller Carson Block, alleged in a tweet that Shetty had artificially inflated cash flow to mask actual debt.
This accusation led to a significant decline in the company’s shares, compelling BR Shetty to part ways with his Rs 12,478 crore enterprise, ultimately selling it for a mere Rs 74 to an Israeli-UAE consortium.
In a striking turn of events, a solitary tweet proved instrumental in altering the fate of one of the wealthiest individuals, causing him to lose almost everything overnight.
