Meet Bavagutthu Raghuram Shetty, better known as BR Shetty, an Indian businessman who once owned lavish properties in Dubai’s Burj Khalifa, an impressive collection of luxury cars, and a private jet, only to witness his Rs 12,400 crore enterprise sold for a mere Rs 74.
BR Shetty’s story is characterized by remarkable peaks and valleys. Once enjoying a net worth of Rs 18,000 crore, his life took a drastic turn, transitioning from the possession of extravagant assets to a swift decline in his financial standing.
The Rise of BR Shetty
BR Shetty’s journey began in India, where he arrived in the Gulf with just Rs 665, in search of better opportunities. Through hard work and determination, he built a substantial business empire, including NMC Health, the largest privately owned healthcare provider in the UAE.
He owned two entire floors in the iconic Burj Khalifa, valued at Rs 207 crore, along with properties in Dubai’s World Trade Centre and Palm Jumeirah. His luxury car collection featured prestigious brands like Rolls Royce and Maybach, and he held a 50% share in a private jet acquired for Rs 34 crore.
At one time, Shetty was considered one of the wealthiest individuals in the Gulf region.
The Fall of BR Shetty
In 2019, Shetty’s empire faced a devastating collapse when Muddy Waters, a UK-based investment research firm led by short-seller Carson Block, tweeted allegations that he had inflated cash flow figures to hide debt.
This event marked one of the most remarkable failures in corporate history. Shetty, once a symbol of success, experienced the rapid disintegration of his empire. The swift decline of BR Shetty serves as a powerful reminder of the inherent instability in the business world and the risks that accompany it.
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