Indian court freezes assets of B. R. Shetty who fled UAE - Business

Indian court freezes assets of B. R. Shetty who fled UAE

UAE a tax heaven country flourished with various business owners from around the world. As their policy of sponsorship, no tax, and 90 percent of inhabitants are migrated, their business was brilliant.

Many Indians has made their fortune from the policy of UAE government and their growing economy but now the downfall of bamboo started as various established business has started bankrupted or wealth been diverted to another country?

According to the news reports, An Indian court has ordered to freeze the assets of billionaire, B.R. Shetty, who earlier fled the UAE with his wife, considering those funds as personal guarantees of debt to the Bank of Baroda, India’s international bank.

The Financial Times reported that the court order is the step taken by India’s most prestigious bank to recover a $250 million debt in the form of loans granted to NMC Health and other companies linked to Shetty.

Dharmendra Chatur, the lawyer representing the Bank of Baroda stated: “A court in Bengaluru has concluded that a prima facie case has been filed to protect the interest of the Bank of Baroda against Shetty and his wife, and the next court session will be held on 8 June.”

At a meeting last March, Shetty agreed to secure his liability to the Bank of Baroda, according to court documents.

A source familiar with the case indicated that Shetty signed an agreement with the bank to mortgage more than 16 real estate assets in India, at a value of $10-15 million.

The case dates back to when the Indian billionaire, owner of NMC Health, fled the UAE in February. Thus, Shetty is facing persecution for at least five legal suits filed against him.

Media outlets explained that Shetty’s financial problems caused the trade of his companies’ shares in the London Stock Exchange to be suspended.

Foreign media reported that the Indian billionaire had fled Dubai after seizing $6.6 billion.

B. R Shetty was directly involved and managing businesses like UAE Exchange, New General trading, New Marketing group, and many other companies including NMC hospital. Having so much of debt could be only the scam as their business was nowhere to go so bad at this situation. Medical supply is in high demand and their facilities are one of the best and widely used by many.