Image Source: Arabian Business
Dubai: Renowned NRI businessman Dr B R Shetty, on Wednesday, finally broke his silence on the allegations of billions of dollars in concealed debts, blatant irregularities, and forgery and fraud at NMC Healthcare and Finablr. In a statement, the 77-year-old, who is presently in India, also confessed that “serious fraud and wrongdoing appears to have taken place” in both the companies that are being handled by him.
Shetty, in the statement, blamed a “small group of current and former” executives at both the companies for the fraud and explained that he had refrained from making any comments on the matter “Out of respect for due process and to allow the various UK and UAE authorities and investigations, including my own, to quickly expedite their mandates”.
He said that he found that this is the “right time” for him to clear the air as his “own legal and forensic investigations are now starting to produce some initial findings”.
According to his statement, the investigations commissioned by him made the following findings:
– The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised, consented to, or had any knowledge of.
– The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of.
– The creation and set-up of companies in my name that I neither authorised, consented to, or had any knowledge of, and that were seemingly created with the express intention to commit or conceal fraud.
– The fraudulent creation of powers of attorney, and the misuse of existing powers of attorney, again in my name, that I that I neither authorised, consented to, or had any knowledge of.
– The creation and provision to me of false and misleading financial statements and information regarding the performance of some of my private companies and investments by members of my own management team.
– The payments of expenses using my private companies and personal bank accounts, I believe to hide the true financials of the public companies.
Dr Shetty explained that all information and evidence gathered from the findings have been shared with “all relevant boards, as well as with relevant law enforcement and regulatory authorities”.
“I remain fully committed to working with both companies and all relevant authorities in the UAE and UK to ensure that all stakeholders are provided with as full and comprehensive an understanding of the entire situation as I can, as well as all the facts as I know them, as quickly as possible.
I am vigorously pursuing, all legal actions and remedies available to me against those who have committed fraud against my businesses and myself,” his statement read.
He added that his greatest regret is for the employees at the companies as they are now enduring extreme uncertainty and hardship, especially during the current public health crisis. “It also pains me to see the damage caused to my business partners, shareholders and other stakeholders who we have worked with for so long,” he wrote.
Dr Shetty, who has been in India for the past two months, said in his statement that he intends to clear his name and assist the authorities to get to the truth.
