BR Shetty – an Indian businessman and close associate of PM Narendra Modi has landed in hot waters after UK court orders his assets to be freeze over financial embezzlement.
As per details a London court has ordered assets of B.R. Shetty – an Indian businessman and close associate of PM Narendra Modi, along with top executives such as former CEO Prasanth Manghat and shareholders of NMC Healthcare – an Abu Dhabi based company.
B.R. Shetty who is in fact the founder of NMC, had escaped to India from UAE after the healthcare firm collapsed last year due to extensive financial irregularities. Abu Dhabi Commercial Bank (ADCB) has more than US$ 1 billion in exposure to B.R. Shetty’s NMC.
Currently NMC is reported to have been under a debt of around US$ 4 billion.
Who is B.R. Shetty?
B.R. Shetty is an Indian billionaire who made his fortune in UAE. His two companies were also listed in English Stick Exchange. He is the founder of Abu Dhabi based NMC Healthcare firm which operates 200 hospitals across 19 countries.
However, Mr Shetty landed in hot waters as he’s facing four legal cases on charges of fraud and money laundering and ‘escaped back to India’ in February in 2020 last year.
Meanwhile, London Stock Exchange has also de-listed his two companies.
Investigations have revealed that Mr Shetty hid and intentionally ‘misrepresented’ debt worth around INR 500 billion.
Connection With RSS and Indian PM Narendra Modi
B.R. Shetty has close links with RSS – a right-wing fascist Hindutva organization in India. He has openly boasted about his connections with RSS Chief Mohan Bhagwat and Indian Prime Minister Narendra Modi.
Mr Shetty is on record claiming that even PM Narendra Modi might have campaigned for him when he contested for a seat in Udupi municipality back in 1968.
It is pertinent to know that B.R. Shetty played a key role in the provision of UAE’s first Hindu temple (under construction) due to his connections with Indian premier – who laid the foundation stone of the temple.
Indian PM Narendra Modi during a closed-door meeting with Indian businessmen in Abu Dhabi, is reportedly to have confirmed his association with the accused saying that he ‘completely trusts’ Mr B.R. Shetty.