BR Shetty, the founder of NMC Health and Finablr, is seeking the help of Indian agencies to investigate an alleged $6 billion fraud committed by former top executives of his companies in connivance with “unscrupulous” bankers, according to Indian media.
Mr Shetty, who is currently in India, submitted a written complaint to the Central Bureau of Investigation and Enforcement Directorate, requesting a probe into the alleged embezzlement, corruption and laundering of company funds by his former chief executives Prasanth Manghat and his brother Promoth Manghat, The Economic Times reported on Thursday.
Mr Promoth Manghat stepped down as the chief executive of Finablr in March, while Mr Prasanth was removed from his position as the chief executive of NMC Health in February.
Mr Shetty also named other individuals and institutions in his complaint seeking criminal action against them, according to the report.
It is unclear what the scope of an investigation by Indian agencies might be due to legal jurisdiction matters.
The CBI and ED are yet to acknowledge Mr Shetty's complaints, according to ET.
NMC Health was founded by Mr Shetty in 1975 and grew from a single hospital into the UAE’s biggest privately-owned healthcare operator.
The company was listed on the London Stock Exchange in 2012 and was valued at £8.58bn at its peak but was put into administration in April after it declared its debts, at $6.6bn, were materially higher than the $2.1bn previously stated in its accounts.
NMC's biggest lender, ADCB, initiated criminal legal proceedings with the attorney general in Abu Dhabi against Mr Shetty and a number of other individuals. A worldwide freezing order on Mr Shetty's assets has also been issued by the DIFC Courts following a claim filed by Credit Europe Bank.
In the complaint to CBI, Mr Shetty claimed that he was "deceived" by the Manghat brothers who gained control over his companies and large amounts of cash and corporate funds, and alleged that the embezzled money was used by the duo to "bribe employees in key functions, auditors and bankers who aided them in the fraud", ET reported.
A spokesman for Mr Shetty refused to comment when contacted by The National on Thursday.
Mr Shetty's complaint is the outcome of a “painstaking” internal probe and warrants a thorough investigation by the central agencies, the newspaper reported quoting his legal counsel Zulfiquar Memon and Nirvikar Singh of MZM Legal.
Intercontinental Cup
Namibia v UAE Saturday Sep 16-Tuesday Sep 19
Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
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%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
