There are hundreds if not thousands of riches to rags stories documenting the fall of billionaire tycoons who fall into the oblivion after going bankrupt and losing a significant portion of their wealth. However the heartbreaking tale of BR Shetty an Indian-born businessman who once owned several companies in the United Arab Emirates (UAE) had net worth of over Rs 12000 and lived a life of prime luxury-- is a profound example of how one critical mistakes can ruin a man and send him tumbling into the depths of obscurity. Who is BR Shetty? Born in a middle-income home in Udupi Madras Presidency then British India (now Karnataka India) on August 1 1942 Bavaguthu Raghuram Shetty or BR Shetty as he is popularly known was once counted among the wealthiest people on the planet ranking on the Forbes list of Indias 100 Richest People in 2015 and the 42nd richest person in 2019. BR Shetty began his career as a medical representative and at age of 31 immigrated to Dubai UAE in 1973 in search of better opportunities. As per reports Shetty came to Dubai with just $8 to his name and worked as a door-to-door salesman selling medicines. In short time Shetty built contacts with some wealthy and influential people and a few years later he established the New Medical Center Health (NMC) UAEs first private healthcare provider company in Dubai. UAEs first private healthcare provider The hospital was managed by Shettys wife Chandrakumari Shetty who was the only doctor in the clinic at the time. Today NMC is the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries including UAE KSA Oman Spain Italy Denmark Colombia and Brazil. NMC is also the first healthcare company from the Gulf Cooperation Countries (GCC) and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and was part of the coveted FTSE 100 Index. However the firm was de-listed from London Stock Exchange and removed from FTSE 100 index following a request from its board of directors and due to the on-going investigation of alleged financial irregularities. Apart from NMC BR Shetty also founded the UAE Exchange a company dealing in remittance foreign exchange and bill payment services. During the late 70s Shetty observed that Indian expatriates living in UAE faced difficulties in sending money to their families back home in India and thus landed upon the idea to establish the UAE Exchange which in 2016 opened 800 offices in 31 countries. In 2003 BR Shetty founded NMC Neopharma a UAE-based pharmaceutical manufacturer which was inaugurated by the then President of India A. P. J. Abdul Kalam in Abu Dhabi. BR Shettys fall from grace Over the years BR Shettys wealth ballooned thanks to owing to his diversified and successful business ventures which ranged from health finance to real estate and capital investment. At one point BR Shetty had a net worth of $3 billion (around Rs 20000 crore) making him one of the wealthiest men globally. The Indian-born business tycoon lived a life of opulence owned private jets and a fleet of Rolls Royce vehicles and even bought two entire floors in the lavish Burj Khalifa besides several luxurious villas across Dubai. However fate took a cruel turn when in 2019 US-based short-seller Muddy Waters Research levelled damning allegations against BR Shettys companies. In a post on X (former Twitter) the short-seller posted a report revealing that Shettys firm owed a $1 billion debt which was kept secret from the companys investors. In its report Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations the shares of Shettys companies went into freefall ultimately forcing him sell his Rs 12478 crore company to the Israel-UAE consortium for just Rs 74. In 2020 amid investigations BR Shetty resigned from his board position and on April 8 that year NMC Health went into Administration in the United Kingdom due to concerns over corporate governance and a share price in freefall. In the same month Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the UAE Attorney Generals Office and days later the Central Bank of UAE ordered the freezing of Shettys bank accounts and the blacklisting of his firms. The embattled businessman is also under investigation in India with agencies initiating a probe to identify potential risks to Indian banks. According to reports Shettys current net worth is a minute fraction of his earlier $3.5 billion fortune consequently leading Forbes to drop him from its annual list of billionaires in 2020.