Do you remember Chiranjeevi's film "Challenge"? The protagonist becomes a millionaire with his first investment of 10 paise.
Such stories of the people growing from rags to riches is not something new. There are many such biographies but now we have to know something regarding BR Shetty, the man who started his life with USD8$ and evolved into a billionaire in UAE.
BR Shetty is Abu Dhabi based billionaire founder of NMC Health, the once upon a time biggest private healthcare company in UAE. He had also expanded his businesses to hospitality, education and pharma sectors.
His journey with US$8 in 1970s has landed him in Forbes billionaires list in 2018 attributing a wealth of US$ 4.2 Billion.
The Dep PM of UAE Sheik Mansour bin Zayed al Nahyan is one of his key patrons. Shetty was also associated with Bill Gates and Warren Buffet in "The Giving Pledge", committing towards international Charity.
Such a big man has now fallen on ground zero. As per Muddy Waters, a UK Based investment firm, the empire of BR Shetty is at the edge of the accounting fiasco that's potentially insolvent and possibly facing a liquidity crunch.
The report also says that NMC has rise of concerns about fraudulent asset value and theft of company assets. The report also believes that NMC materially underreports its rejection rate for reimbursement, thereby inflating its reported margin.
BR Shetty's name has seen broader light when he announced that he would love to make a film on Mahabharata with a budget of Rs 1000 Cr.
His name was also popular during CBN's tenure as Chief Minister. He made an MoU with Chandrababu Naidu for an investment of Rs 12000 Cr in Amaravathi in the sectors of university, tourism, hospitality, hospitals and infrastructure on his BRS Ventures. But nothing got materialized.
On a whole. the biggest blow has landed on the face of BR Shetty's empire, much before Covid pandemic. So, the downfall has nothing to do with Coronavirus but it is sheer mischievous mismanagement of everything.
