Billionaire BR Shetty vows to bounce back from financial crisis

BR Shetty, the founder of the troubled healthcare operator NMC Health, on Monday said that he will make up the shortfall from his financial crisis and stated that he has not cheated anyone. BR Shetty was speaking at an event organised in Udupi by a hospital under his trust. 

"I didn't react and I am not supposed to react. I can tell one thing. I trusted people and there was a breach of trust. Those who joined as an accountant, I made them a CEO, CFO and they have siphoned (money). I can't say this man did it unless it is proved and the matter is in court and people with vested interests siphoned the money," he said, speaking in Udupi.

He was a guest speaker at the celebration of 10,000 newborns at the Koosamma Shabhu Shetty Memorial Haji Abdullah Mother and Child Hospital in Udupi, developed by his trust.

"I am here to serve the people. We should have self confidence and as long as you have not cheated anybody, that's enough," he said.

"Whatever the shortfall I will make it up. I am telling this in front of you media people. I don't need money now at all. I have three daughters and one son who are settled," he added. 

His public statement comes after his assets were frozen by a UK court in February 2021. In a statement issued in April 2020, BR Shetty claimed that a probe conducted by his own advisors had found alleged fraud at NMC, and his payment services group Finablr. He said that he had nothing to do with the fraud and blamed a 'small group of executives' for it. 

In November 2020, BR Shetty was stopped at the Bengaluru airport when he attempted to fly to the UAE.