Dr. Bavaguthu Raghuram Shetty, a visionary entrepreneur from Udupi, Karnataka, built one of the UAE’s largest private healthcare empires—NMC Health. Born on August 1, 1942, Shetty moved to Dubai in 1973 with just $8. Starting off as a door-to-door medicine salesman, his relentless determination led him to establish NMC Health, which became the first private healthcare provider in the UAE and later expanded into Oman.
At the height of his career, Shetty’s fortune was valued at over $3 billion (₹20,000 crore), placing him among India’s richest individuals. He lived a lavish life, owning private jets, Rolls-Royces, and properties including two floors in the Burj Khalifa. In 2003, Shetty launched Neopharma, a pharmaceutical manufacturing unit in Abu Dhabi. The company forged partnerships with top global firms such as Pfizer, GSK, Merck, Abbott, and Biocon, and even acquired a manufacturing plant in the U.S.
However, his empire crumbled after a 2019 report by Muddy Waters Research accused his companies of hiding nearly $1 billion in debt from investors. This triggered financial chaos, lawsuits, and the eventual collapse of NMC Health. What followed was one of the most shocking business downfalls in recent history—Shetty was forced to sell the ₹12,400 crore healthcare giant for just ₹74.
From immense success to a stunning downfall, Dr. B.R. Shetty’s journey is both inspiring and cautionary, highlighting how transparency and sound governance are critical for sustaining a business legacy.
