A business worth billions collapsed in one fell swoop: Private jets, a flat in Burj Khalifa.. a company worth ₹88,000 sold for just ₹74

From Billionaire Empire to Bankruptcy: The Rise and Fall of B.R. Shetty’s ₹88,000-Crore Dream

Life has a way of turning fortunes overnight — and few stories capture that better than that of B.R. Shetty, the Indian-born businessman once hailed as a symbol of success in the Gulf. From owning luxury cars, private jets, and a lavish apartment in Dubai’s Burj Khalifa, Shetty’s empire was once valued at an astounding ₹88,000 crore. But in a shocking twist, it all collapsed — and his multi-billion-dollar company was sold for just ₹74.

This is the extraordinary story of ambition, success, controversy, and downfall — and the lessons it leaves behind for entrepreneurs around the world.

A Humble Beginning in Karnataka

Born in Kapu, a small town in Karnataka, Bavaguthu Raghuram Shetty came from modest roots. In his early thirties, he moved to Dubai with barely a few hundred rupees in his pocket, hoping to build a better life.

Starting as a medical representative, Shetty worked tirelessly to establish himself in the business world. His sharp instincts and relentless drive soon paid off. In the late 1970s, he founded the New Medical Center (NMC), which grew into one of the UAE’s largest healthcare networks. Later, he expanded into financial services with UAE Exchange, a money transfer company that became a household name among expatriates.

By 2019, Shetty’s companies had not only made him a billionaire but also earned him a place on Forbes’ list of India’s richest businessmen.

From Billion-Dollar Empire to a ₹74 Sale

At its peak, Shetty’s business empire was worth nearly ₹88,000 crore. But in 2019, everything began to unravel. A UK-based financial research firm, Muddy Waters, published a report accusing NMC of serious financial irregularities and undisclosed debts.

The allegations triggered panic in the markets. Share prices of NMC and UAE Exchange plummeted. Investigations revealed massive discrepancies in company accounts, and soon, lenders and regulators stepped in.

Within months, Shetty’s once-glorious empire crumbled. He was forced to step down from his companies, and what remained of his vast business holdings was sold off for just ₹74 to a foreign consortium — a figure symbolic of his dramatic fall from grace.

Legal Battles and Mounting Debt

As if the financial collapse wasn’t enough, Shetty’s troubles deepened with a series of lawsuits. Recently, the Dubai International Financial Centre (DIFC) Court ordered him to repay ₹408 crore to the State Bank of India’s Dubai branch.

The court rejected Shetty’s appeals and upheld the bank’s claim, adding another major blow to his already crumbling finances. With bankruptcy proceedings and legal disputes piling up, Shetty’s fall from billionaire status became complete.

From Luxury to Loss

Once the owner of private jets, luxury cars, and lavish villas, Shetty lived a life of grandeur that mirrored his meteoric rise. His residence in Dubai’s Burj Khalifa and sprawling estates symbolized his global success. But today, those symbols of wealth are gone — replaced by court orders, financial scrutiny, and uncertainty.

His journey from opulence to obscurity underscores how fragile financial empires can be when built on unstable foundations.

Lessons for Entrepreneurs

The story of B.R. Shetty isn’t just about one man’s downfall — it’s a cautionary tale for every entrepreneur chasing success. It serves as a reminder that financial transparency, accountability, and ethical management are vital to sustaining growth.

No matter how vast a business empire becomes, one overlooked detail, one hidden liability, or one wrong decision can bring everything crashing down.

Shetty’s saga demonstrates that true success lies not only in achieving wealth but also in maintaining integrity and stability amidst rapid expansion.

A Legacy of Rise, Fall, and Reflection

From a small-town dreamer to a global billionaire — and then to a man fighting to salvage his reputation — B.R. Shetty’s story reflects the unpredictable nature of ambition. It reminds the business world that fortunes can change in an instant, and that resilience and responsibility are the only real safety nets in the volatile world of enterprise.