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Business & Finance

UAE freezes accounts of Indian business magnate BR Shetty

Shetty's accounts, as well as his family's accounts and the bank accounts of companies owned by him, have been froz
27 Apr 2020
  • Shetty's accounts, as well as his family's accounts and the bank accounts of companies owned by him, have been frozen at the behest of the central bank.

The Central Bank of the United Arab Emirates (UAE) has directed banks operating in the country to freeze all bank accounts of Indian business tycoon BR Shetty, founder and former chairman of NMC Healthcare Group.

Shetty's accounts, as well as his family's accounts and the bank accounts of companies owned by him, have been frozen at the behest of the central bank.

According to Al-Bayan, the central bank has also ordered the freezing of bank accounts of senior officials and managers of Indian businessman BR Shetty's companies.

NMC recently disclosed a debt of $6.6 billion, which was not disclosed by the Healthcare Group's provisional financial data on June 30, 2019.

On April 9, the British Supreme Court decided to appoint a judicial guard at the NMC in response to a request from the Abu Dhabi Commercial Bank, which the company did not object to.

BR Shetty, who is facing charges of involvement in a serious financial scandal in the UK, said in a recent statement that he intends to return to the UAE as soon as flights resume.