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There has been a lot of questions on the following 3 subjects: 1) Why did UAE Open up its lock down so fast, so easily and with so much pomp and show? What led to his sudden downfall of BR Shetty is still a mystery. Shetty, who founded the UAE-based firms NMC Health and UAE Exchange, has been facing legal trouble since the start of the year. (Syed Qamar Hasan has worked and lived in the Arab Gulf for over three decades. BR Shetty admits serious fraud, blames aides after 'forensic probe' Issac John /Dubai issacjohn@khaleejtimes.com Filed on April 29, 2020 | Last updated on April 30, 2020 at 12.39 am Agencies Bavaguthu Raghuram Shetty DUBAI/LONDON: As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda officials in mid-March to discuss the $250 million he and his firms owed. The fall of the Indian tycoon and the Middle East-based businessman Bavaguthu Raghuram Shetty is so pathetic that his flagship company, the debt-ridden UAE Exchange was sold for just One Dollar to an Israel based consortium.BR Shetty (78) who landed in 1973 in Dubai as a medical representative started his boom … Read all news including political news, current affairs and news headlines online on Br Shetty today. Shetty, who had a net worth of $3.15 billion in 2019, was regarded as being the world's richest Kannadiga.. But fortunes of NMC Health nosedived since December after a US investment firm alleged NMC Health inflated cash balances and understated its debt. More recently, BR Shetty – who has reportedly defrauded billions of dollars through the fake and deceptive system – has landed back in India to avoid legal action in the Gulf. According to Gulf News, the Central Bank of the UAE (CBUAE) instructed all the financial institutions to stop transfers from the accounts of Shetty and deny access to deposit boxes. Shetty's wife. Shetty himself had a net worth of $3.15 billion in 2019. He was the Abu Dhabi Bureau Chief for Gulf News, Khaleej Times, Emirates Today. B.R. BR Shetty’s lenders have sold shares his firm pledged. Knows many of the leading Indian businessmen having very close friendly relations with many NRI business tycoons. B.R is a personal friend for over 25 years well known to him) He stepped down as the co-chairman of NMC Health in February following allegations that the company had inflated its cash balances and … BR Shetty's NMC imploded this year on allegations of fraud & disclosure of more than $4 bn in hidden debts. Get all the latest news and updates on Br Shetty only on News18.com. 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