This Indian owned flats in Burj Khalifa, private jets, had Rs 18000 crore net worth, went bankrupt due to single tweet, was forced to sell Rs 12400000000000 firm for Rs 74, he is..

Luck plays an important role in our lives. Sometimes, even a ragpicker becomes a millionaire, whilst even the richest person can lose everything and become a beggar. And BR Shetty’s story is one prime example. Once an Indian billionaire, who owned two floors in Burj Khalifa and private jets, had Rs 18000 crore net worth, was forced to sell his Rs 124000 crore firm for just Rs 74 due to…; well, read the story to know more about him.

Who is this Indian Billionaire who suddenly went bankrupt, sold his Rs 124000 crore firm for just Rs 74?

Bavaguthu Raghuram Shetty, famously known as BR Shetty, was born on August 1, 1942, into a lower middle-class family in Udupi, then part of the Madras Presidency during the British Raj (in what is now Karnataka). BR Shetty emerged as one of the world’s wealthiest people, featuring on Forbes’ India’s 100 Richest People list in 2015, and was ranked 42nd in 2019. According to Forbes, he secured 804th position in the ‘World’s Billionaires List, The Richest In 2019’ list.

BR Shetty worked as a medical representative, and in 1973, at the age of 31, took the plunge to leave India for Dubai, UAE. Media reports suggest that he arrived in Dubai with just $8 and spent the initial days as a door-to-door salesman or selling medicines.

However, in just a brief period, BR Shetty made connections with a small number of wealthy and influential individuals, and just a couple of years later, started up the New Medical Center Health (NMC), the first private healthcare provider company in the UAE, in Dubai.

NMC Healthcare is the UAE’s largest private healthcare network and the third largest healthcare network in Oman. Explaining Shetty’s lifestyle is not surprising when he owned private jets, Rolls-Royce cars, and multiple luxury properties, including two floors in the Burj Khalifa (Dubai). He even founded companies like New Medical Centre (NMC), UAE Exchange, and Finablr, built a multi-billion empire in just a few years.

Dr. Chandrakumari Raghuram Shetty is a well-respected medical expert in her own field. She has contributed immensely to both the establishment and growth of NMC Health. With her husband’s (Dr. B.R. Shetty) venture, she was the first medical professional to step into his first medical center’s role back in 1975. She contributed as the first resident doctor and was pivotal in constructing the clinical structure of NMC.

She was the first resident doctor of the company and had an important role in the development of its clinical framework and finally became the Group Medical Director at NMC Health.

However, his empire came tumbling down when U.S.-based financial research firm Muddy Waters Research called him out in 2019 for hiding $1 billion in debt from investors. This ultimately led to the total collapse of his entity and he subsequently sold his company for just Rs 74.

In 2019, when he was at the height of his successes, B.R. Shetty’s net worth was estimated at $3.15 billion – making him one of India’s richest billionaires according to Forbes. When at his pinnacle, B.R. Shetty’s net worth reached $3 billion (approximately Rs 20,000 crore).

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