www.thenationalnews.com NMC Health Founder B.R. Shetty Liable for $5.4 Billion Fraud
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- •B.R. Shetty and Prasanth Manghat found liable for $5.4 billion fraud.
- •Court ruling identifies over 500 fraudulent transactions totaling AED 4.18 billion.
- •NMC Health's collapse linked to concealed debts and misappropriation of funds.
B.R. Shetty, founder of NMC Health, and former CEO Prasanth Manghat have been found liable for a $5.4 billion fraud by the Abu Dhabi Global Market Court. The court ruled that both men knowingly participated in a scheme that misappropriated company funds and concealed substantial debts from 2012 to 2020. Justice Sir Andrew Smith stated that over 500 transfers totaling AED 4.18 billion were made to Shetty's personal accounts, with net payments of approximately AED 2.6 billion after returns. The court's judgment, issued on November 5, 2026, sets the starting point for financial contributions they must make to reimburse NMC's assets. The case highlights the fraudulent trading and wrongful trading practices that led to the collapse of NMC Health, once a major player in the UAE healthcare sector.
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