News Karnataka
Saturday, April 01 2023

Immigration dept sleuths stop NMC founder BR Shetty from flying to UAE

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Bengaluru: The immigrations officials at the Bengaluru International airport stopped BR Shetty, founder and former chairman of NMC Heath and Finablr, on Saturday morning while he was about to board an Eithad flight.

Th development comes soon after the NRI business tycoon decided to make a return to UAE, eight months after the NMC Health scandal broke out.

As per sources financial irregularities involving billions of dollars have been reported in the scandal.

Shetty is quoted in The Khaleej Times stating that his wife Dr Chandrakumari Shetty, who was to accompany him, was allowed to board the flight, which was scheduled to depart at 2.45am on Saturday and arrive at 5.40am in Abu Dhabi.

An Indian court has already restricted Shetty and his wife from selling or encumbering properties that Bank of Baroda claimed are personally guaranteed as security by the businessman.

The Bank of Baroda is suing him for backing away from an agreement to give the bank 16 properties as collateral for debts and to secure additional guarantees.

In a statement sent from the airport before his aborted attempt to fly to Abu Dhabi, Shetty said he travelled to India in February “to be with his ailing brother who sadly passed away at the end of March, just as the pandemic spread across the world disrupting international travel.

“While I was in India, our investigations started to unravel details of the fraud in NMC Health, Finablr and some private companies owned by my family. I said at the time that I intended to return to the UAE and, having filed a criminal complaint against the suspected perpetrators of the fraud in India, I am planning my imminent return to the UAE as promised,” he said adding that the “fraud has regrettably created huge challenges” for the companies.

He said that he has complete faith in the justice system of the UAE and look forward to the perpetrators of the fraud facing justice.


(Inputs from Khaleej Times)


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