Meet Indian, who once owned floors in Dubai’s Burj Khalifa, expensive cars, private jet, sold Rs 12400 crore company for just Rs 74 after….

From owning floors in Burj Khalifa to losing his company, Shetty’s story of huge ups and downs in any person's life and career.

The story of Bavagutthu Raghuram Shetty, famously known as BR Shetty, is of ups and downs. Once a billionaire with a net worth of Rs 18,000 crore, Shetty’s life went from owning palatial properties and luxury cars to losing everything almost overnight.

BR Shetty’s Rise

BR Shetty’s journey began in India, where he had just Rs 665 in his pocket when he moved to the Gulf in search of better opportunities. Through hard work and determination, he built a business empire that included NMC Health, the UAE’s largest privately owned healthcare operator.

He owned two entire floors of Dubai’s iconic Burj Khalifa, valued at Rs 207 crore, and properties at Dubai’s World Trade Centre and Palm Jumeirah.He had luxurious vehicles in his collection including Rolls Royce and Maybach cars. He also owned a 50% share in a private jet, acquired for Rs 34 crore.

Shetty was considered as one of the richest individuals in the Gulf.

BR Shetty’s Fall

In 2019, Shetty’s empire came crashing down after a UK-based investment research firm, Muddy Waters, led by short-seller Carson Block, posted a tweet accusing him of inflating cash flow to underreport debt.

Muddy Waters claimed that NMC Health had misrepresented its financial statements, sparking panic among investors. The tweet led to a dramatic fall in the company’s share price, wiping billions off its market value.

A single tweet revealed the cracks in an empire he had built over decades. With huge debt and financial instability, Shetty was forced to sell his Rs 12,478 crore company, NMC Health, for a mere Rs 74 to an Israeli-UAE consortium.

It was the most shocking collapse in corporate history. Shetty, who had once been a symbol of success, saw his empire finished almost overnight. The dramatic fall of BR Shetty highlights the volatility of the business world and the risks associated with it.