Became a billionaire by starting with 500 rupees and in one stroke, the whole business became debtor!
It is said that everyone has his time. Whoever God gives, he gives it away. Along with this, it must also have been seen that when luck comes to snatch it, it snatches away the ground under the feet of a person. But today the person whose story we are going to tell you has also seen the climb of success and also the slope of his ruin. So let’s start the story.
Arvo’s business started with 500 rupees!
The name of the person whose story we are going to tell you today is BR Shetty. Born on 1 August 1942 in Kapu town of Udupi district of Karnataka, Bavagutthu Raghuram Shetty i.e. BR Shetty. Shetty was born in a simple family. His family was also like those millions of families in India, whose dal and roti are doing well in the house, but in times of need, they have to spread their hands somewhere.
But Shetty’s dreams were big, so big that in order to fulfill them, he left India in 1973 and reached Dubai. It is said that when Shetty went to Dubai from India, he did not even have 500 rupees in his pocket. BR Shetty, who arrived in Dubai, started very young, that is, as a Medical Representative (MR). He worked hard day and night to do this job.
Along with this, information related to medical also started gathering. That is, how is the medical business done? Shetty, who completed his studies in pharmaceutical science, devoted his life to this new work. He had the urge to achieve success from the beginning and he did not let any difficulty become an obstacle in front of this success.
Bakt Badla and BR Shetty married Chandra Kumari Shetty. Chandra was a doctor and this proved to be helpful in Shetty’s progress. After which he soon founded the healthcare company New Medical Healthcare (NMC). After that he kept on climbing the ladder of success.
One time it came that this person, who went to Dubai with 8 dollars, had everything which is far from even a person’s desire. If you say – two floors in Burj Khalifa. 7 Rolls-Royce cars, many more vintage cars. A Gulfstream G450 private jet, which will cost around Rs 300 crore. etcetera etc…
Business spread from Dubai to India
In 2012, when its Dubai-based company NMC Health came out with an IPO on the London Stock Exchange (LSE), there was a ruckus. Earlier, IPO of any foreign company in LSE had rarely got such a big opening. After working in the health facility business, Shetty made his move towards money exchange business. Seeing this, thousands of customers became.
Thank you AsiaOne Magazine for the Bharatiya Mahanatam Vikas Puraskar 2018-19 Award. pic.twitter.com/7MODO11H1f
— Dr. B. R. Shetty – official account (@DrBRShetty) September 19, 2019
During this period of success, Shetty expanded his business into healthcare, financial services, hospitality, food and beverage, pharmaceutical manufacturing and real estate.
Thank you SAWE – India International Excellence Awards 2019!
— Dr. B. R. Shetty – official account (@DrBRShetty) September 15, 2019
SAWE stands for Society for Acknowledgement in Work Excellence. The award acknowledges, rewards, and promotes exceptional efforts in work in various aspects of professional and social sectors. #brsventures pic.twitter.com/op1NQ3f612
After this, Shetty took his other business together with Finablr public in 2018 along with his two big companies. At that time he was at the peak of success. In 2019, he was ranked 42nd among the Indian billionaires of the world by Forbes. His net worth was estimated at $4.2 billion.
Humbled by the honour, 'Atal Mithila Samman' award. Thank you!#BRSVentures #NMCHealthcare #Finablr #Neopharma pic.twitter.com/KwR16zlTEE
— Dr. B. R. Shetty – official account (@DrBRShetty) August 22, 2019
Humbled. Thank you #Forbeshttps://t.co/HBRWGRoEXF
— Dr. B. R. Shetty – official account (@DrBRShetty) July 8, 2019
Speaking at @finablr 's listing on London Stock Exchange. #finablr #listing #londonstockexchange #fintech #milestone #india #uae #BRSVentures pic.twitter.com/sJBYV0eq3A
— Dr. B. R. Shetty – official account (@DrBRShetty) June 2, 2019
After this Shetty turned to India and started spreading his feet here. Apart from this, Shetty also bought Seven Hills Hospital, India’s first Seven Star Hospital in 2018. By investing in hundreds of businesses, Sur also dominated in India. In the pictures, his meeting with Indian leaders can be seen.
A report was printed and luck exploded!
The life of BR Shetty, who received the honor of Dubai’s Most Eligible Citizen in 2005, who made billions of wealth, reached the heights of success from $8 and won the Padma Shri in 2009, was completely shaken due to a report. On December 16, 2019, Muddy Waters made public the news of the poor financial health of NMC Healthcare.
Carson Block, the founder and short seller of Muddy Water Research, in a report accused NMC Health of providing fake property figures and theft of company assets. That is, the report said that Shetty’s company has more assets than the value of the company. Apart from this, he was also accused of forgery.
Shetty’s story from Arsh to Farsh Tak
News of the scams appeared in the newspapers and investigations started on Shetty’s property. Following these allegations, Shetty was stripped of the decision-making powers of the Board of Directors of NMC Health with immediate effect. However, due to this report of ‘Muddy Waters’ NMC started sinking.
(Tweet 1 of 2)Hearty Congratulations Shri. Narendra Modiji! Your victory proves that India has chosen a progressive leader. Under your mighty leadership and stable governance, I am confident that India will achieve stellar growth and success. #india #uae #modigovernment pic.twitter.com/QclzQz1Nl9
— Dr. B. R. Shetty – official account (@DrBRShetty) May 23, 2019
The company’s shares started falling. Meanwhile, NMC Health was removed from the list of the London Stock Exchange. And all bank accounts were also sealed. It was told that Shetty’s companies are in debt of five billion dollars. With this, the demand for Shetty’s resignation started on behalf of the board and on January 17 this year, he resigned from the post of co-chairman.
Thrilled to announce the Listing of my second business – @finablr , on the premium segment of the main market of the London Stock Exchange. Welcome to all the new shareholders!#finablr #fintech #londonstockexchange #uae #india #listing #brsventures pic.twitter.com/pg7oFmqKOY
— Dr. B. R. Shetty – official account (@DrBRShetty) May 15, 2019
However, the Muddy Waters report was also said to be fake by BR Shetty. Muddy Waters’ owner Carson Block used to do the same thing in the past. Meaning he would make short position in a company, then earn money by posting bad news about its financial condition. That is, it was his profession.
The company of crores had to be sold for only 73 rupees
Well, whatever the reason may be, but the important thing is that BR Shetty, who once climbed from floor to floor, is now seen moving fast from floor to floor. The situation became such that Shetty’s company Finablr, with a market value of more than 14 thousand crores, had to be sold for just Rs 73 within a year.
Where is Mr Shetty these days?
According to a media report, Mr. Shetty is in India these days. On November 14, 2020, he was on his way to the UAE, but was stopped at the airport. Because, Shetty is stuck in legal troubles in India too. They have also been booked by the Indian bank, due to which they cannot go abroad. Until the settlement is done with the bank.
