Meet woman, married to Indian billionaire who had Rs 200000000000 net worth, but sold his Rs 12000 crore company for just Rs 74 due to…

Dr. Chandrakumari Shetty, the wife of embattled Dubai-based Indian billionaire BR Shetty, is a trained medical doctor by profession, who along with her husband, established the NMC, UAE's first private healthcare provider.

Dr. Chandrakumari Shetty, the wife of disgraced Indian-born billionaire Dr. BR Shetty, established the New Medical Center Health (NMC)– the first private healthcare provider in the UAE– in Dubai in 1975. During its initial years, Chandrakumari was the only doctor at the hospital and managed the entire facility by herself.

However, NMC has grown into the UAE’s largest private healthcare provider today, with over four million patients annually across its 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil.

Who is BR Shetty?

Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was born in a middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, and at the age of 31, immigrated to the Dubai in 1973 in search of better opportunities.

According to media reports, BR Shetty, who started his career as a medical representative, arrived in Dubai with just $8 to his name, and began working as a door-to-door salesman, selling medicines. However, within a brief span of time, Shetty developed contacts with several wealthy and influential people, and a few years later, established UAE’s first private healthcare provider, New Medical Center Health (NMC), in Dubai.

What led to BR Shetty’s downfall?

After establishing NMC, BR Shetty started to diversify his businesses and investments, ranging from health, finance, to real estate, and capital investment. Shetty’s successful business ventures resulted in him amassing a large, and at one point, he had a net worth of $3 billion (around Rs 20,000 crore), earning him a spot on the Forbes list of India’s 100 Richest People in 2015, and the 42nd richest person in 2019.

The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai.

However, destiny had a cruel fate in store for BR Shetty, when in 2019 , Muddy Waters Research levelled damning allegations against his companies. In a post on X (former Twitter), the US-based short-seller posted a report revealing that Shetty’s firm owed a $1 billion debt which was kept secret from the company’s investors.

In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty’s companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74.

Who is Chandrakumari Shetty?

Dr. Chandrakumari Shetty, the wife of embattled Dubai-based Indian billionaire BR Shetty, is a trained medical doctor by profession, who along with her husband, established the NMC, UAE’s first private healthcare provider, which has today grown into a healthcare giant with 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil.

Under Chandrakumari Shetty’s leadership, NMC Health grew into the largest private healthcare company in the UAE, but following her husband’s bankruptcy, she stepped down from her leadership role in the company in 2021, citing personal reasons.