The business fortunes of NRI entrepreneur B.R. Shetty had been in free fall since early 2020 after a US investment company alleged his main company, NMC Health, had inflated cash balances and understated its debt. Shetty, who had a net worth of about $3.15 billion in 2019, was known as the world's richest Kannadiga.
NMC Health, founded by Shetty in the 1970s, was the largest private health care provider in the UAE until last year, when it collapsed amid the allegations. The company was accused of understating debt of $4.5 billion. In February, a UK-based court ordered a global freeze on all assets of Shetty.
Shetty, who has been in India since February last year, has repeatedly said he had no connection to any wrongdoing. Shetty spoke of the allegations against him in an extensive interview with Daijiworld 24x7, a Kannada TV channel, on March 3.
Shetty accused his chartered accountants of making fake accounts in his name. Shetty told Daijiworld 24x7, "My chartered accountants have made fake accounts in my name. People whom I treated like my own children, have done so. They created a fake account in a nationalised bank. They have misused the power of attorney. When accepting papers, the bank manager should have asked me to sign on them right before him. They have deposited the siphoned cash to that account and deposited the cash to their family members and to my staff. The staff including accountants and treasurers were appointed by me..."
Shetty claimed his legal team had details of these illicit transactions.
Referring to his willingness to return to the UAE, Shetty told Daijiworld 24x7, "I have confidence because I have not done anything wrong. Rulers in Abu Dhabi also know that I will never do such things. Let us see what the future holds. I am not alarmed at all. I am confident that I will come back stronger than before."
Shetty was asked about his ties to Prime Minister Narendra Modi. As a young political activist, Modi, along with Atal Bihari Vajpayee, had campaigned for Shetty when he contested a municipal election for the Jana Sangh (the predecessor to the BJP) in the 1960s. Describing Modi as "leader of the whole world," Shetty said it was not necessary to meet the prime minister. "Why should I approach him for my business? This is my affair. I have never made up my mind to visit him and it is not necessary. I am confident as I have never cheated anyone," Shetty told Daijiworld 24x7.
Shetty has levelled accusations of siphoning off of funds against two erstwhile associates: Prasanth Manghat and Promoth Manghat, who are brothers. Prasanth was CEO of NMC Health while Promoth headed Finablr and UAE Exchange. In October last year, Shetty alleged Federal Bank and Bank of Baroda had colluded with the Manghat brothers in perpetuating fraud.
