Dubai: According to media reports, the Central Bank of the UAE has ordered financial institutions to freeze all accounts of BR Shetty and his family. It is also reported that several companies and their subsidiaries associated with Shetty had been blacklisted.
The Central Bank’s move is subsequent to a criminal complaint filed by Abu Dhabi Commercial Bank, which has the largest exposure Dh 3 billion to NMC Healthcare, a healthcare chain and distribution business, alleging fraud and forgery against six people including founder Shety and former CEO Prasnath Manghat.
BR Shetty is now in India since February when he came to take care of his ailing brother, who subsequently passed away.
B.R. Shetty recently told Economic Times he will share “very good news” soon about the charges against him. After the allegations were levelled, B.R. Shetty had announced he had launched his own legal and forensic investigation into the allegations of malpractices at NMC Health.
Interestingly, B.R. Shetty was an activist of the erstwhile Jan Sangh, the predecessor to the BJP, before he went to the UAE. It has been reported that former prime minister Atal Bihari Vajpayee and Prime Minister Narendra Modi had campaigned for Shetty during civic polls in Udupi in the 1960s. Shetty had played a key role in organising a visit of Modi to Abu Dhabi.