BR Shetty and the Missing Millions | Al Jazeera World
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- Опубліковано 4 сер 2020
- This is a story of a financial scandal, of fortunes won and lost and political collusion in the United Arab Emirates (UAE) that goes right to the heart of Emirati business and politics.
At the centre of it is a self-made Indian billionaire - Dr BR Shetty.
As founder of New Medical Centre Health (NMC), Shetty built relationships with the UAE's all-powerful sheikhs that appeared to open doors. Business was booming and, in 2012, NMC was the first Abu Dhabi company to be listed on the London Stock Exchange. The Initial Public Offering (IPO) raised $186m and raised NMC's market value to more than $8bn.
The first rumblings of financial trouble, however, came in December 2019 when an American investment firm published a damning report on NMC's finances. NMC's shares plummeted by 48 percent, wiping $1.5bn off the Shetty family fortune.
In April 2020, NMC Health went into administration in the United Kingdom for insolvency. Later that month, the UAE Central Bank ordered the seizure of all of Shetty and his family's assets and Shetty left the country. He now sees himself as the victim, claiming alleged fraud and misconduct within NMC - and has promised to clear his name and restore his business reputation.
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Clearly they are all in this together. Just that when the music suddenly stopped Shetty found himself without a chair.
Excellent way of looking It?!
Good one bro
Bunts mostly always involved in such frauds.
Including your mallya
😂
Money owns life. The more you crave it the more it will own you and you will forget the morality or value of life.
Yes 👏🏽
👍 right said
Very well said
So true! How much do one need to live. Never enough for those greedy for more
Its easier said than done, most of these billionaires started as ordinary guys but soon jumped onto an ever increasing staircase. From there ambition takes over and soon enough is no longer enough, numbers game become the norm
In india 30% of indian companies doing same practice but not face any problem because have nexcess. Looting indian bank and public money
Indian companies are deliberately destroyed by the brahmins and banias from the inside, so that they can become privatised ( to brahmins and banias ) when the other party comes to power
The fraud’s quite simple actually. Take a loan, make yourself look good. Stocks go up, your valuation goes up. You can take a bigger loan to make yourself look better. And the circle continues.
How it works
Indeed
Betul sekali.
Seriously. This is the Modus Operandi he adopted.
😂 😂 😂
You are appointed my financial advisor . When ,earliest , you can join
Its not rise and fall.. its rise and escape.....!!
Modi gives him refuge..like frauds
@@tinklingcrystals6489 yeah as if Modi came to your house to tell all this.
What we learnd about EY Auditing in 2020 so far:
Everything fine with Luckin Coffee -EY
Everything fine with Wirecard - EY
Everythig fine with NMC -EY
I dont know, maybe i should just start shorting companies audited by EY ?
Muddy water must have scanned them already.
😆🕶
😂 😂 😂
Deloitte, pwc even have their fair share of frauds too. Big 4 s corrupt
That's funny! Excellent financial humor! start shorting companies audited by EY
Its good to see our willful defaulters are doing nice job not just in home but also in abroad.
Manghat Brothers from Kerala , CEO’s of Finablr And healthcare who got elevated to top positions within short periods of time, and helped the group to get listed in LSE were also been dismissed by shetty , followed by claiming himself as the victim..
Money laundering at its height. Emiratis and BR Shetty a silent partner of bjp/rss together cheating innocent people. Shame .!
@@abraham_joy always butthurt of rss/bjp. ricebag thendi
Good to see you not cleanin UP
AUTOBREEDING EMPIRE
lol
Love Al JAZEERA. Great reporting as always
Absolutely
No Indian Media has talked about this issue ever. Mainly due to his direct links to RSS - BJP
Is that so Chutya
Really bjp-rss?
Its like your wife not getting pregnant due to rss and bjp.
Use brain please.
Dr.Shetty never ever involved inside Indian politics or money laundering.
It's only elite groups inside Middle east use him and throun out like tissue paper.
Its ofcourse politicians of pakistanis who dump their corrupted money inside middle east.
Sudapi
@@adityanagarkar1116 yes chutiya
Darn, losing billions is quite “shetty”...
😆😆😆
😃😃😃😃
This gave me a 🤭 chuckle
Don't be racist
BRRR that was cold.
This is how a documentary is made while working from home during covid... sitting in front of ur laptop
Well SAID Sir I applaud
So from this video it appears that Shetty was very good at manipulating people and that Shetty couldn't have done all this alone as he tricked 10 banks amongst others which lent him a lot of money. I seriously think the top people at NMC should be in jail and held personally accountable for the company's debts. This was FRAUD at the highest levels.
Gccģgg
There is absolutely no proof of the Top Guys involvement. The Sheikhs have been careful from the start to keep their names out of everything. In fact this is apparently standard procedure in the UAE. Did none of you follow the story at all? Muddy Waters got rich on short sale, after identifying the debts, which was the one thing that brought the company crashing down.
Then the Sheikhs 'advised' Shetty to leave. He was basically a front for the Sheikhs money laundering. And the "world's greatest Auditing company," "Earnst and Young" didnt spot the problems the ENTIRE time? One of their directors was also on the board of NMC. A den of thieves with a clueless silver tongue Indian as the fall guy. 👏🏽👏🏽
@@crypton_8l87 I know Bec I know how clueless drs are in these matters.
@@abdulgaffar5656 cn
Hnxa b,n
,
@@crypton_8l87 You said it best.."The Sheiks advised" he was basically a front.. of the SHEIKS money laundering, now You KNOW why the SHEIKS kept their names out of everything..Thank you for answering your own STUPID question.
GOOD JOURNALISM AND DOCUMENT.
CULPRITS, ALL BILLIONARES- RUNAWAY FUGITIVES.
My Indian friends were not even aware of this! When I shared it with them most of them smirked and had almost identical comments. It seems the "common thread" that the people in the documentary talk about could be the names of the people consistently involved in such shenanigans- the Modis, Shahs, Guptas, Agarwals, Shettys & c.
Don't think you are intelligent, take it easy, democracy is boring
@@amitkumarpandey5610 Do your research fool. See what the Indian Guptas did in South Africa. Listen to all the scams going around. Amazing how they ALL have Indian accents.
Did u say Guptas? We looking for that family in South Africa 😅
@@amitkumarpandey5610 yeah you like warmth of the boot of dictators on your face.
That could be any race, any country. Which race and which people were involved in the 2008 financial crises ? which erased more than $2 trillion from the global economy.
The "Indian accent" for BR Shetty's letter. 😂😂
38:44
It was more like bangali english accent
Looooooool
You'd think AJ would know better than that... 🤭
@@ImranAli-vb5ve ur dumb bud bud ding ding daccent
Great job aljezaree love your doc n the host bravo glory to u
He is given one of India's prestigious award "Padma Shri" by Indian government, guess the place of Indian government 🤦🏽♂️
Not before receiving the highest civilian award (equivalent to Bharat Ratna) from the Emaratis
@@godhama super Bro
Unbelievable!
I think you are confusing him with Dr devi Shetty , who was given padma bhushan , please check before you put something like that in comment.
@@nehashrivastav7552 oh well, thank you for pointing out my mistake. It is "Padma Shri" not "Padma Bhushan" I changed it, thank you again :)
in depth.. Great interview.
No news of this in Indian media, shows how close Shetty is with BJP
EY - one of the big four accounting and audit firms was the auditor of this company. Also controlled by BJP?
If somebody is close with bjp indian media will not report is it you fool
prapidy right - NDTV, India Today, ABP, BBC Hindi, Quint, Wire, Newslaundry, Rajdeep Sardesai, all are BJP media. And I am the fool?
D lol
He or his businesses are hardly known in India outside of Udupi-Mangakore.. so it's not surprising.
Infact other than a few offices of UAE exchange, he hardly has any visible presence in India.
You might have political motives for making this statement, but Congress would have jumped at the opportunity to make this an issue IF ONLY THEY KNEW HE EXISTED 😂
I live in Bangalore and nobody here knows about him forget about in Delhi.
Was a regular customer of NMC while in Dubai and had great respect for Dr.Shetty..seemed a genuinely nice and honest person. Unfortunately he seems to have trusted the wrong people . Greed to grow bigger and bigger invariably backfires .
It's not that the Execs, banks,Auditors,Lawyers e.t.c didn't catch what was going on, they were all in on it !! They knew exactly what was going on !
Exactly! You're the only one who actually got it. Everyone else is clueless
My roommate works at Neopharma here in AUH and has no pay for the last 4 months. What do these poor guys do who come here looking for survival and ti support their dear ones. The issues they are currently facing from the banks here are enormous.
Y no story about how Shetty and Former minister of Justice grabbed UAE Exchange from another Indian business man ?
Fantastic investigative report
The greedeist are always at the top in these regions....the truth always catches up and exposes all!
The Shetty has hit the fan here alright
😄😄😂😂
Wow Al Jazeera, fantastic investigative journalism !!! I was under the impression that Arabs are only capable of sycophancy journalism ( Khaleej Times, Gulf News ). This is the first time I saw an Arab scripting real journalism. Very good episode. I am an India, so I will tell you in Hindi, " Whah Bhai, Maaza Aaa Gaya Aapka Mehnat Dekh Kar ". Keep up the good work. I am NOT a Muslim, yet I appreciate your hard work. I believe we must appreciate merit, regardless of religion and nationality.
Wonder why there are no exposays on Qatari companies. Oh that's right, the "free press" isn't so free...
There is no comparison between Al jazeera with cheap local newspapers khaleeji time and gulf news
I agree, that's my opinion.
@@jasmineabdulla5719 I cannot compare apples with orange. AlJazeera is an Islamic media group - born, raised and nurtured in Qatar. I can compare it to other Islamic media, born and raised in the middle east. Please understand that no Islamic media can ever reach glorious heights. So, it will be a futile exercise to compare AlJazeera to WSJ, New York Times or Washington Post. Muslim journalists lack that class of merit. So, I think, it is fair to compare AlJazeera to Khaleej Times and Gulf News. Jasmine, are you aware that only select people can write " Letters to the Editor " in Khaleej Times ? There is one Indian woman in UAE, named Jayashree Kulkarni. Her letters have appeared every single day, for the last 35 years, in Khaleej Times !!!!!!
It is a Qatar based news channel .
Why you are compelled to pin “I am khan but I am not a terrorist “ kind of post about it ?
Is Muslim tag must if it is from Arabia ?
Wonderful documentary...
When money, pleasure, power become your needs you will lose all your morality and values. People suffer. Lead a simple life people.
These are objects of craving. The more people crave them the more unhappy they become. However, people think that these objects of craving will give them happiness.
But if smone gives up totally,after facing constant multiple shocks,tragedies,lost family,kids,Bank Vp grade job,home,wealth,,etc,,fallen frm top to zero,,practically these lectures work if you remain little normal,but if you are alone n no one is taking care then Practically you need a true strong caring person to take you out from this situation when u r stuck in room for a year,can,t change,can,t manage anything,can,t go in day light,health going worse,always live n die every second,no hope,no goal,no one comes to c u,then Even Doctors Counsellers say that you need a strong caring guardian to recover you....Respected Bro..Will you truly help,, ... Can u take me away,keep me along for few days to follow ur normal routine...😭😭😭😭😭😭😭Waiting 4 ur Positive replTrue. Can anyone meet,contact??God knows how severe tortures im facing....But when u loose family,kids,wealth,home,etc, realtions leave u alone...Practically,it,s impossible to b normal...In severe crisis, u live in horrible mental torture state,finding no way,Miracles can recover, otherwise,this society makes u much mentally sick,u die every second...Can anyone keep such an alone helpless person,kindly contact urgently,😭😭😭😭,looking for a strong supoort..God will reward u...
Sorry to request at this strange subject video..but im helpless😭😭😭
The man with the silver tongue, then. Now, the man with the fork tongue!! 😹😹😹😹
Excellent investigative journalism Aljazeera
Thanks Al jazeera.
Nice piece 👌👌👍
He was born in Udupi a town in the coastal area of Karnataka. Manipal is an educational suburb of Udupi. Not as mentioned by the narrator in the 'city of Manipal'
Is that makes him clean?
So what... he is clean?
How a Modi supporter anti Muslim person was able to flourish in UAE tells a lot about Arab hospitality....!
Good question....
Trust in God most are indian (Pakistani, Indian, Bangladesh, nepalis)
He spent his entire adult life in UAE and has direct connection with royal family
Are you accusing the royal family of being involved with rss?🤣
@@nimajji3517 he is basically a RSS, jansangh BJP product
@@jerrygeorge007 he is a puppet of the royal family.
That's why he keeps praising them endlessly. He knows only one way up, and that is staying in line .
Look at the protection he got in UAE, they allowed him to run away as well
I really appreciate the warning at the beginning. I don't have epilepsy, but I imagine those who do appreciate it.
Fraud are free here in India they made a good set up here and made good reputation and they made great.
Guess what , close friend of mr modi
@madhu G
You are real pig you never ever look up.
Anyone getting any call with an Indian accent? 😂
@@xianglung2306 I got many times
@@harizummer3233 what did madhu say?
In Malaysia's 1MDB case , a similar name of Sheikh Mansour has been mentioned. Not sure whether it's referring to the same person
yea. same guy, UAE royals involve heavily in intl. money laundering
Not only him there are more such people still operating similarly
@madhu G There is nothing to do with Islam in it!
With help of shaikhs.
There are so many NMCs and Dr. Shetty our there. What is needed to expose them is brilliant investigative journalism like the one Aljazeera does, and does extremely well.
When crooks get caught they all have the same response. I'm not guilty. When is the last time a defendant said: I am guilty as sin you honor, it was fully responsible!. Please punish me accordingly.
one of the best documentary of AL JAZEERA
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Ernst and Young has lost its integrity.
Luckin coffee
Wirecard
NMC
Just this year !
They were aware of financial irregularities but still signed off on the accounts anyway....
Truly an inspiration on how he built his empire and than greed took over and used the ladder offered by the Sheikh's to expand the dubai way i.e unrealistically.....i dont see why he had to list the company in public and with the two partners.....he should have had held the company private and non of this would have had happened.....sad end but quite a story on how the events unfolded
They deliberately made it that way because it is not them who will suffer but those who trusted them. What do you expect from the evil?
He was smart in manipulating people he should be thankful they allowed him to leave
Short Seller can be good equalizer in this story to unmasked the overdebt NMC
Incredible journalism. Keep it up.
UAE exchange was not started by shetty ,it was started by another man from Kerala .
I read the story, poor Kerala guy.
Who else.??may be pinarayi vijayan ??
Correct UAE Exchange was not started by shetty, the kerala man started it and slept. Suddenly he woke up from sleep after 40 years to see that UAE Exchange was taken over by shetty.
@@ssptrading8243 lol....it was actually started by Mammootty and than he became a famous movie star....that's why he did not have time to run it
@@andamone8884 dude you're everywhere! I saw your comments in some other channels video as well.why so obsessed with him.or are you B R Shetty?😁
Imagine tomorrow all of sudden this journo gets lost
Just like khashoggi
He owns a hospital in the Cayman Islands and they are still expanding every few years massive compound.
I was just thinking if that was the same Shetty as the hospital on Grand Cayman!
Very Great Coverage
do good deeds always, it will reflect its own
Why just blame Shetty, what about the 2 young shareholders, the royal family, the bankers who have loans, the auditors !! Guys all are equally involved
This is not about Shetty - this is about power, greed and ambition
None from indian media house investigated in this because of his direct or indirect relationship with RSS and BJP . He did fund them too.
He spent his entire adult life in UAE and has direct connection with royal family
Are you accusing the royal family of being involved with rss?🤣
@@nimajji3517 rubbish. Then why he is unable to return to save his empire. He is another Neo hooligan who tried to divert funds from here to other parts of the world to getaway with what is left. But he was caught first by UK . Later investigation lead to this. In UK he had a big company precisely uaeexchange.much of the share of it is in UK......
@@tabrejali1182 like the documentary said.
He's clearly just a puppet of the higher powers in uae .
Nobody rises without the approval of those in power.
And like they said, certainly escaped with the protection of those in power.
Means for everything it's BJP or RSS , be it today 1000 years back it's they 😂
😂😂@ tabrej Ali hope you know that his all business interests were in gulf.
So Why Indian media or government even think of him??.
Let the UAE government had to do his work.
I can understand your and your community pain .
I love Al Jazeera documentaries. Very very well done 👍
Its daily business in UAE, business ownership laws are fun. Documents are in Arabic. I know shetty he was good in 1992 with UAE exchange and some medical stores with small clinic, I feel his sons and some Arab partners made jet business to fly fast. Dubai is artificial state. Remember
and now BR shetty is buying tens of thousand acers of land in kashmir
Source...??
E&Y or KPMG or Deloitte all are comprised
Former partners of audit firms can be directors of a company which the firm audits. A partner resigns from partnership, his name does not appear on the firm's list of partners but he is now a consultant to his audit firm. This usually happens when he is appointed a director of a company of which he was previously in charge of its audit.
He was cheated by his most loyal person who is from kerala. Mr. Shetty believed an accountant and made his as Chief but those 2 brothers cheated him by fake signatures. Mr. Shetty is winning the case one by one. Truth will come out soon. Long Live Mr. Shetty.
UAE - Las Vegas, Corleones - Al Nahyan, Moe Green - BR Shetty. 😁😇
Is that just me who smelled a bit of propaganda by Al Jazeera?
Yes. It is just you.
The propaganda is strong in this one
Al Jazeera English is probably the best channel in the world
DR B R Shetty has made a scapegoat and real culprits are roaming freely.
This would be the case with most of the companies in the gulf especially UAE and Saudi given the fact that the rules allow the persons who are the real owners to hide their identities and allow people to act on their behalf which flies in the face of any just law or practice which is generally followed in other parts of the world. The surprising thing is that the world has allowed such practices to continue and do business with them.
You'll be suprised at the kind of doors money can open !
Being a doc with no financial or managment knowledge his whole bussines was managed by other ppl and nobody is trustworthy when it comes to money , brother killed brother , son killed father even blood relations are deadly when it comes to money.
Maded documentries of him ....what a man .....and feel soory about whom they believed him
Can you also look into Adani and Ambani wealth
Money ILLEH ...
Indians will make name (Good or bad) for themselves where ever they go
Yes they don't sit silently they alway try to do bigger..
Mostly bad
@@izajahmed8863 not as u guys dooo
ahmed atleast we don't become cleaners and idiots and rely in state wherever we go,indians are the richest group in usa and Europe and are doctors,engineers and managers in uae so stfu
@@ajayk1432 nonsense comment like sense but like a nonsense
He really lived up to his name
who else scrolled through the comments during the video? 😋
Avoid the commercials every 5 mins by watching the video from Al Jazeera’s own website.
Or go Premium.
No Indian Media has talked about this issue ever. Mainly due to his direct links to RSS & BJP.
Godi media.
@Flower ChildModi media.
Where's WION?
@@hafizkob891 kisi ki g**nd chaatne mein vyast, i guess
Its because of BJP all the gulf business who were doing hawala have gone bankrupt post de monetization and stoppage of big remittance from india by tightening the banking rules...you should research first and then comment.
@@indubai6583 gujarati diamomd merchants have monopolised hawala now. it's booming. and moreover it chips into donations to BJP so that they do not get busted.
Hopefully EY (Ernst and Young) the auditors of NMC health goes the same way as Arthur Anderson the auditors of Enron.They will not be missed.
Superb story
I still remember meeting this man at Delhi airport and he handed me his can of coke to open .I was confused with his behaviour .
LOL! You should have opened it , drink it yourself and hand over the empty can to him.
@@marty9404 😂😂..attitude..
He was treating you as his servant!!!
He may have had Rheumatoid Arthritis. I can't open cans either lol.
@@RubinaMerchant I so liked your reply .I wish I could say the same
10:15....how he reach this *bosition* 🤣🤣I can't stop my laughter
Good investigation 👍
Al Jazeera is best as always
Please do an investigation on how the guptas pulled the wool over South Africa and got away
Yes please😠😠😠
Never put your money.... unto those you never meet individuals.
Better use your money or do your own business otherwise you are one of the payers of their lifestyle.
Eminent Emirati personalities continued to do business under his name, he was face for many present there without face
Sad to hear rich stories are sad and uncomfortable to the world...
Jesus said that "it is harder for a rich man to enter the kingdom of God than for a camel to enter the eye of a needle"
Life of riches here on earth is only temporary. If you only use money to satisfy your greed on earth, instead of helping the poor, Jesus wise words will apply to you.
While I am not a supporter of Shetty, just remember it takes 2 to dance or rather tango!
Aljajeera should make documentary on mysterious death of Joy Arakkal, indian NRI bussiness man in Dubai, who made billions within very short period.
Bana zara
Mysterious, he committed suicide because of heavy debts
All those billions and the guy has a five dollar name tag on his house!?🤣🤣🤣🤣
Shetty is a RSS man, the organisation who has so many groups running world wide.
Just like you are son of your neighbour
@@itzibutzi hello doggie, how your idiological illigal fathers are?
He's not a rss man.
Dude has lived in Dubai his entire adult life
If he belongs to rss he will not allowed his daughter to marry a muslim guy.
@@raghavgowda366 don't explain facts.
These people are blind and brainwashed.
They will only find reasons to hate rss, Hindus , and Indians
AL JAZEERA POSSIBLY THE BEST NEWS INVESTIGATORS AROUND THE WORLD.
why did the auditors not find it ???
Which country in the Arab Spring Countries has great bureaucracy and safeguard to run companies? With great business laws transparency and less documentations.
"Quality health care at an affordable cost" .... isn't the UAE dripping with oil money?, shouldn't they be providing hospitals and medical care to the citizens of their own countries?, after all you couldn't spend the billions they have in 20 lifetimes, isn't this what other countries pay taxes for?, for health care, for hospitals?, isn't that where our taxes are supposed to go?, why on earth would you imagine that anyone is investing "healthcare" for the good of those seeking the care?, their simply mining those people for money
After they false reporting on Malaysia Covid, Al Jazeera reputation is questionable..
Excellent journalism truly way ■■■
Quite a few dynamic entrepreneurs, who relied on high borrowings, assuming eternal growth to be a given,got destabilized by the 2008 financial crisis
And things can spin out of control in such cases rapidly
Mr B R Shetty should be given Bharatratna by Modi.
I'vent see the complete documentary did he escape to India?
Abu Dhabi 🥰
Serves him right
Good report
7:20 this is wrong..BR Shetty did not start UAE Exchange..that history may require another video
Yes, it was started by a keralite. But Shetty cheated him and acquired the company
yup shetty cheated some one from Kerala.karma is a boomerang.he should punish
The real owner slept for 40 years and after the business collapsed he woke up from sleep now claiming that he started the xchange
Yes, I think so many things are unknown for foreign media.
But I'm a Indian, Al Jazeera fan.
@@andamone8884 He did not "sleep" for 40 years he filed a case but that didnt go so long. Knowing he doesnt stand a chance against the powerful shetty back then he just let it be, but now that shetty has been exposed for his frauds he is going for the company which was originally his.