Bavagauthu Raghuram Shetty, the founder of NMC Health and payments group Finablr, said he still intends to return to the UAE to clear his name despite a court in India upholding a ruling this week preventing him from leaving the country.
Mr Shetty, who was originally stopped from boarding a flight to Abu Dhabi from Bengaluru airport in November last year, had appealed against a ruling in February that banned him from leaving the country. However, the initial verdict was upheld. The businessman intends to appeal to the Supreme Court to have this overturned.
"My reaction is only to appeal again to the court to see that I come to the UAE, Abu Dhabi as soon as possible. My heart is there. I'm a son of the soil of Abu Dhabi and I'll come back, with the goodwill and the blessing of the royal family," he told The National.
“I want to clear my name. I have my family there. I don’t want to die with any liability of a bad name.”
Mr Shetty first arrived in the UAE in 1973 and set up NMC Health two years later, which later grew to become the largest privately-owned healthcare operator in the UAE.
The company floated on the London Stock Exchange in 2012 and at its peak in August 2018 was valued at £8.58 billion ($12.05bn). However, a report by short seller Muddy Waters in December 2019 claimed NMC Health had inflated the value of its assets and under-reported its debt.
A subsequent investigation found more than $4.4bn of previously undisclosed debt, leading the company to be placed into administration in April last year. Previously-unreported debt worth more than $1bn was discovered a month later at Finablr, a payments and foreign exchange group majority-owned by Mr Shetty.
Mr Shetty, who has been in India since February last year after returning to visit his brother, who died last March, is facing legal action in a number of jurisdictions from various lenders.
A Dubai International Financial Centre court placed a freezing order on his UAE assets last June following a petition by Credit Europe Bank (Dubai), which says he personally guaranteed an $8 million loan. Abu Dhabi Commercial Bank, which was NMC Health's main lender, secured a worldwide freezing order on the assets of Mr Shetty, other principal shareholders and former directors of NMC Health at a secret hearing in London in December. A subsequent freezing order on UAE assets was awarded to the bank last month. In India, Bank of Baroda has sought to enforce personal guarantees on debts worth more than $250m.
Mr Shetty has persistently denied any wrongdoing. He blamed a group of former executives at his companies for creating bank accounts, raising loans, signing cheques and creating personal guarantees in his name, without his knowledge. He claims his signature was forged on many documents.
A report commissioned last year by Mr Shetty from Dubai-based Wise House Consultancy claimed former NMC Health chief executive Prasanth Manghat, and other executives, transferred millions of dirhams from company accounts into their own accounts. It also claimed some sums were transferred through an account opened at Bank of Baroda in his name, but without his knowledge, to accounts held by executives. The National was unable to reach Mr Manghat for comment.
Bank of Baroda has allegedly instigated the action that is preventing Mr Shetty from leaving India, he said. The businessman said he has requested the bank lifts it.
“We have questioned them … do you want money, or do you want Shetty? They said money, so I said, ‘OK, then why are you object[ing] to allowing me to go?’”.
Bank of Baroda did not immediately respond to a request from The National to comment.
He said his intention is to clear his name, rebuild his business empire and repay any debt that he owes.
“Whatever the money is, is not a matter for me. How I made this $1bn, I will make more now to repay their loans. I will not keep any Dh1 … provided it is my genuine signature,” he said.
“It is [over] 46 years I built the company. You think I can now thieve the company and go? Impossible.”
MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
The Light of the Moon
Director: Jessica M Thompson
Starring: Stephanie Beatriz, Michael Stahl-David
Three stars
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
The five pillars of Islam
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Our family matters legal consultant
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The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
The specs
Engine: 3.0-litre flat-six twin-turbocharged
Transmission: eight-speed PDK automatic
Power: 445bhp
Torque: 530Nm
Price: Dh474,600
On Sale: Now
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
No_One Ever Really Dies
N*E*R*D
(I Am Other/Columbia)
Newcastle United 0 Tottenham Hotspur 2
Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
Global state-owned investor ranking by size
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World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
The%20team
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Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ENadeera%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ERabih%20El%20Chaar%20and%20Reem%20Khattar%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ECleanTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20About%20%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHope%20Ventures%2C%20Rasameel%20Investments%20and%20support%20from%20accelerator%20programmes%20%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
