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]

Settlement Overview - Walmart has agreed to pay $10 million to settle charges from the Federal Trade Commission (FTC) regarding its money-transfer system, which allegedly allowed scammers to steal hundreds of millions from consumers [2][4] - The FTC accused Walmart of failing to implement effective anti-fraud measures and not adequately training employees to protect consumers from fraud [3][4] Regulatory Actions - As part of the settlement, Walmart is prohibited from providing money transfer services without taking appropriate actions to detect and prevent fraudulent transactions [4] - The company must refrain from processing transfers it suspects could be fraudulent and from assisting sellers or telemarketers involved in fraudulent activities [4] Company Position - Walmart did not admit to any wrongdoing in the settlement and characterized the FTC's case as regulatory overreach, arguing it is unfair to hold the company accountable for the actions of unrelated third-party fraudsters [5] Competitive Landscape - In related news, Walmart is focusing on enhancing its competitive position against Amazon by reimagining the consumer journey, including initiatives like shoppable ads on smart TVs [5][6] - The company aims to transform passive viewing experiences into active shopping opportunities, potentially redefining impulse buying and creating new revenue streams in retail media [6]