The legal drama surrounding the collapse of Indian billionaire B.R. Shetty’s health care empire, NMC, took another turn.
A Dubai court ordered the 83-year-old to pay $46 million to State Bank of India, ruling that he lied under oath about personally guaranteeing a $50 million loan. In the judgment, Justice Andrew Moran called Shetty’s testimony “an incredible parade of lies,” which included a “bizarre” claim that NMC employees once held a contest to see who could best forge his signature.
Shetty was long heralded as a UAE success story, building NMC into the country’s biggest health care group — valued at more than $10 billion at its peak in 2018 — before it collapsed after a short seller report alleged the company had inflated its assets and hidden debts.