Health NMC founder BR Shetty ordered to pay $33m to Indian bank By Megha Merani February 10, 2025, 7:09 PM S Unnikrishnan, via Wikimedia Commons BR Shetty has has denied wrongdoing and claimed he was a victim of fraud within NMC DIFC court ruling only just revealed Money owed to Bank of Baroda Part of fallout from NMC collapse BR Shetty, the founder of the UAE healthcare company NMC Health, which collapsed in 2020 with billions of dollars in hidden debt, has been ordered by a Dubai court to pay more than $33 million to an Indian bank. In a ruling made public only last month, the Dubai International Financial Centre Courts in November last year found Bavaguthu Raghuram Shetty to be personally liable for a debt of $33.2 million owed to Bank of Baroda, which is owned by the Indian government. The court has now also finalised legal costs, ordering Shetty to pay an additional $344,000 with interest accruing if unpaid within 14 days. The case is part of the still continuing legal fallout from NMC Health’s collapse, which exposed more than $6.6 billion in hidden debt across 75 debt facilities from more than 80 financial institutions, with UAE and international lenders scrambling to recover funds. NMC scandal is watershed moment for UAE businesses NMC Healthcare founder BR Shetty faces $4bn lawsuit NMC Health censured by UK financial authority NMC Health, the UAE’s largest private healthcare provider, was placed into administration in 2020, triggering multiple lawsuits and regulatory investigations in the UAE, India and the UK. Shetty, once one of the UAE’s most prominent businessmen, has denied wrongdoing and claimed he was a victim of fraud within NMC. NMC, which operates 85 medical facilities across the UAE, emerged from administration in 2022 after a $4 billion debt restructuring led by Abu Dhabi Commercial Bank. PureHealth Holding, the UAE’s largest healthcare group, was in discussions to acquire NMC Healthcare, sources familiar with the matter told AGBI in December. But Bloomberg reported on Tuesday that PureHealth, which is backed bythe Abu Dhabi sovereign wealth fund ADQ, has walked away from the dealciting sources familiar with the matter.
