Home >News >India >BR Shetty prevented from leaving for UAE by immigration officials in Bengaluru
BR Shetty’s lenders have sold shares his firm pledged. (Wikimedia Commons)
BR Shetty’s lenders have sold shares his firm pledged. (Wikimedia Commons)

BR Shetty prevented from leaving for UAE by immigration officials in Bengaluru

Shetty, one of India’s biggest success stories abroad, is the founder and chairman of UAE-based and London-listed NMC Health Plc which has been under scrutiny following the discovery of borrowings to the tune of over $6.6 billion

Bengaluru/Mangaluru: Embattled billionaire B.R Shetty was prevented from travelling abroad on Saturday morning to the United Arab Emirates (UAE) by immigration officials in Bengaluru, one person directly aware of the developments said.

Shetty, one of India’s biggest success stories abroad, is the founder and chairman of UAE-based and London-listed NMC Health Plc which has been under scrutiny following the discovery of borrowings to the tune of over $6.6 billion.

> Shetty was scheduled to leave for UAE from Bengaluru in the early hours of Saturday along with his wife who was allowed to continue with her travel. Officials from the immigration department could not be reached for comment. Dubai-based English daily, Khaleej Times was the first to report this story.

> Public sector lender, Bank of Baroda is reported to have initiated travel restrictions on Shetty over unpaid debts of over $250 million.

> In October, Shetty had accused at least 10 individuals and institutions including two Indian banks--Bank of Baroda and Federal Bank--of colluding with former executives of his company to embezzle funds.

> He had sent copies of his complaint to the Central Bureau of Investigation, the Enforcement Directorate and the Prime Minister’s Office, Mint reported.

> Shetty’s unbridled rise to become one of India’s biggest businessmen in the Gulf had made him one of the country’s strongest bridge with the UAE.

> NMC and Finablr have borrowings worth $6.6 billion, including $360 million via convertible bonds and $400 million through Shariah-compliant Sukuk bonds.

> The allegations against the company state that nearly 60% of these borrowings were not reported by the firm, indicating that the money could have been diverted.

> Shetty’s NMC health care has denied charges of under-reporting debt and diversion of funds.

> Shetty could not be reached for comment.

> In April this year, Shetty had issued a two-page statement in which he claimed innocence over the alleged financial irregularities.

> “...The preliminary findings provided by my advisors and from my own investigations indicate that serious fraud and wrongdoing appears to have taken place at NMC and Finablr PLC (‘Finablr’), as well as within some of my private companies, and against me personally. This fraud also appears to have been undertaken by a small group of current and former executives at these companies," Shetty said in the statement in April.

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