Company Background - Bavaguthu Raghuram Shetty, born in 1942 in Udupi, faced challenges in securing stable employment after studying pharmaceuticals, leading him to Abu Dhabi in 1973 with limited resources and ambition [3] - He became the UAE's first outdoor medical representative and established New Medical Centre (NMC) in 1975, recognizing the need for affordable healthcare for the expatriate workforce [4][5] Growth and Expansion - Over four decades, Shetty's ventures led to significant growth, with NMC becoming an FTSE 100 company and the acquisition of Travelex for $1.1 billion, alongside personal wealth that included ownership of two floors in the Burj Khalifa [6] - Shetty's ambitions included a ₹1,000 crore Mahabharata film project, which ultimately did not materialize [6] Downfall - The turning point occurred on December 17, 2019, when Muddy Waters Research published a report alleging financial misconduct at NMC, including inflated cash balances and undisclosed debt [6][7] - NMC's reported debt escalated from $2.1 billion to $6.6 billion, leading to its administration by April 2020, while Shetty's financial business, Finablr, was sold for a nominal $1 [7] Legal Consequences - In October 2025, the Dubai International Financial Centre Court ordered Shetty to pay $46 million to the State Bank of India, with the judge criticizing his testimony as deceptive [9] - The Abu Dhabi Global Market Court allowed investigations into suspicious transactions, revealing deeper issues within Shetty's financial dealings [10] Current Status - Shetty's assets are frozen, and his reputation is severely damaged, with ongoing legal battles across multiple jurisdictions, illustrating the harsh realities of corporate failures [10]