Born on 1 August 1942 in Udupi, India, B. R. Shetty is best known as the founder of several major businesses in the United Arab Emirates, including NMC Health (a hospital chain), UAE Exchange and its successor Finablr (payments and forex), and Neopharma (pharmaceuticals). Once a celebrated figure in Gulf business circles, he rose to become one of the region’s most prominent Indian entrepreneurs and, at his peak, a billionaire.
Rise and empire-building
Shetty moved to the UAE in the 1970s and began his career by opening a small clinic. That modest venture would eventually evolve into NMC Health, which became one of the UAE’s largest private healthcare providers. He later diversified into financial services by founding UAE Exchange, focusing on remittances and foreign exchange. Over time, he consolidated multiple payments brands, including Travelex, under a holding company called Finablr. By the 2010s, Shetty had built a vast business empire spanning healthcare, finance, and pharmaceuticals.
Peak to crisis (2019–2021)
The first signs of crisis emerged in late 2019. In 2020, an internal investigation at NMC Health revealed more than $4bn in previously undisclosed debt. At the time, NMC was listed on the FTSE 100. Following the revelations, the firm was delisted and placed into administration in the UK.
Finablr, which owned both UAE Exchange and Travelex, faced its own collapse shortly afterwards. In March 2020, it suffered a liquidity crunch and a trading freeze. Subsequent disclosures revealed nearly $1bn in debt that had not been reported. By 2021, the company was sold to new investors for a nominal sum of $1.
Legal findings and regulatory scrutiny
In 2023, the UK’s Financial Conduct Authority (FCA) censured NMC Health for market abuse linked to the understatement of debt. No fine was issued, given the firm’s insolvency.
Separately, a major legal case remains ongoing. In a £2bn negligence suit brought by NMC against its former auditor, Ernst & Young, a senior EY partner admitted in court to giving misleading information to the regulator about access to company data. EY denies wrongdoing and argues that any malpractice stemmed from an internal fraud.
Shetty himself has faced civil judgments in both the UK and the UAE. In 2022, a British court ordered him to pay $131m to Barclays. In 2025, a ruling by the Dubai International Financial Centre (DIFC) court held him liable for around $46m in connection with a guarantee on a loan from the State Bank of India. In its written opinion, the court questioned the credibility of his testimony.
Where Shetty stands today
Media coverage across India and the Gulf has described Shetty’s downfall as dramatic — a fall from Padma Shri honouree to a central figure in multi-jurisdictional legal battles. What was once a $10bn business empire collapsed under the weight of undisclosed debts, allegations of fraud, and prolonged restructuring. Various legal proceedings remain active.
On his travel status, reports in 2024 indicated that an Indian court granted him permission to travel abroad, subject to certain conditions. The ruling underscored the case-by-case nature of the ongoing legal matters affecting him.
Key companies and milestones
In the 1970s and 2000s, Shetty built NMC Health into a dominant private healthcare provider in the UAE, founded UAE Exchange, and launched Neopharma. Between 2018 and 2019, he consolidated his payments businesses into Finablr, which was listed on London’s AIM exchange.
The empire began to unravel in 2020. NMC disclosed over $4bn in hidden debt and entered administration. Finablr, too, froze trading and later revealed further liabilities. Shetty resigned from its board.
By 2021, Finablr was sold for $1, and the group’s restructuring began. From 2022 to 2025, courts in the UK and UAE issued judgments against Shetty on creditor claims. Regulatory action followed, and the negligence case against EY continues to unfold.
The open questions
Several uncertainties remain. Key among them is the matter of liability — whether UK court findings will assign greater blame to the auditors or to internal actors accused of fraud. The prospects for creditor recovery also remain unclear, as efforts to trace and recover assets continue.
Lastly, Shetty faces personal exposure in multiple guarantee-related disputes. The outcomes of these cases — and any appeals — may determine the full extent of his legal and financial responsibility.
Note: This is a news-based profile. All legal matters referenced are ongoing and subject to appeal or further judicial findings.
