Meet Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 12400 crore company for just Rs 74 due to…

A distinguished medical expert in her own right, Dr. Chandrakumari Raghuram Shetty played a vital role in the inception and expansion of NMC Health.

NMC Healthcare is one of the largest private healthcare networks in the United Arab Emirates, and the third largest in Oman. Dr. B.R. Shetty, the founder of NMC Health, was once a billionaire and a prominent figure in the business landscape of the United Arab Emirates (UAE). However, his empire came crashing down after U.S.-based financial research firm Muddy Waters Research accused his companies in 2019 of concealing $1 billion in debt from investors. This led to the shocking downfall of his business, and ultimately, he had to sell his company for just Rs 74.

Meet Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 12400 crore company for just Rs 74 due to…

Originally from Udupi, Karnataka, and born on August 1, 1942, B.R. Shetty came from a modest middle-class family. In 1973, he relocated to Dubai with only $8(around Rs 665) in hand, driven by the dream of a brighter future. He began his journey as a door-to-door medicine salesman, and through persistence and networking, he eventually established NMC Health—marking the launch of the UAE’s first private healthcare provider.

At the peak of his success in 2019, B.R. Shetty had an estimated net worth of $3.15 billion, placing him among India’s wealthiest individuals according to Forbes. At the height of his success, B.R. Shetty’s net worth soared to $3 billion (approximately Rs 20,000 crore). He lived a life of opulence, owning private jets, Rolls-Royce cars, and several luxury properties—including two floors in the iconic Burj Khalifa, Dubai.

“In a step towards backward integration into the healthcare sector, Dr. Shetty set-up Neopharma in 2003. Neopharma is a state-of-the-art manufacturing facility and has collaborations with multinational companies like Pfizer, Merck, Abbot Laboratories, GSK, Hetero Pharmaceuticals and Biocon to name a few. Recently, Neopharma has acquired an antibiotic manufacturing facility in the USA,” reads his LinkedIn bio.

A distinguished medical expert in her own right, Dr. Chandrakumari Raghuram Shetty played a vital role in the inception and expansion of NMC Health. She became part of her husband, Dr. B.R. Shetty’s venture when he launched his first medical center in 1975. As the company’s first resident doctor, she was key to developing its clinical framework and eventually rose to the prestigious position of Group Medical Director at NMC Health.

In September 2020, during a period of intense financial crisis and corporate restructuring at NMC Health, Dr. Chandrakumari Shetty stepped down from her position as Group Medical Director. Shetty’s business empire extended far beyond healthcare. He diversified into pharmaceuticals, financial services, and hospitality, founding several successful ventures, such as Neopharma, UAE Exchange, and Finablr.

In early 2020, an internal investigation uncovered that NMC Health’s actual debt was significantly higher than previously reported—exceeding USD 6.6 billion. This revelation triggered a sharp decline in the company’s stock, which plunged by over 70%, ultimately leading to its delisting from the London Stock Exchange (LSE).