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.
The five pillars of Islam
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Results
Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
5. Joao Almeida (POR) UAE-Team Emirates, at 22s
6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
General Classification:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
4. Tom Dumoulin (NED) Jumbo-Visma, at 14s
5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
COMPANY%20PROFILE
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
MATCH INFO
Inter Milan 1 (Martinez 18' pen)
Juventus 2 (Dybala 4', Higuain 80')
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
