Chandrakumari Shetty was not only group medical director of NMC Healthcare; she was the first employee of the company when her husband founded it in the mid-1970s.
Chandrakumari Raghuram Shetty is an Indian medical professional best known for her significant role in the healthcare sector of the United Arab Emirates (UAE). She is the wife of Dr. B.R. Shetty, the founder of NMC Health, one of the largest private healthcare providers in the UAE. Dr. Chandrakumari Shetty was the first medical doctor at NMC Health, joining the company in 1975 shortly after its inception. Over the years, she held the position of Group Medical Director, contributing to the establishment and development of the private healthcare sector in the UAE.
In September 2020, amidst corporate restructuring and financial challenges faced by NMC Health, Dr. Chandrakumari Shetty stepped down from her role as Group Medical Director. Her departure marked the end of the Shetty family’s direct involvement with the company’s operations.
Before leaving the company she also chaired committees including governance, infection control, patient rights, quality and facility management.
B.R. Shetty: The rise and fall of a healthcare tycoon
In the early 1970s, a young pharmacist named Bavaguthu Raghuram Shetty, driven by ambition and a desire for success, left his hometown of Udupi, Karnataka, and moved to the United Arab Emirates (UAE). With only USD 8 (around Rs 665) in his pocket, Shetty was determined to build a better future.
When Shetty arrived in the UAE in 1973, the country was on the cusp of a modern economic transformation. Seizing the opportunity, he identified a gap in the healthcare system—there was a lack of affordable medical services for the growing expatriate community. With this vision, Shetty founded New Medical Centre (NMC) in 1975, a small one-room clinic in Abu Dhabi.
With Dr. Chandrakumari Shetty, his wife and the clinic’s first doctor, Shetty slowly expanded the business. His keen eye for business opportunities and the UAE’s booming economy helped NMC flourish. Over the years, the clinic grew into NMC Health, the UAE’s largest private healthcare provider, with hospitals, pharmacies, and clinics spread across the region.
By 2019, Shetty’s wealth had skyrocketed to USD 3 billion (around Rs 20,000 crore), making him one of the wealthiest Kannadigas and a renowned figure in global business circles.
Shetty’s business empire didn’t stop there. He expanded into pharmaceuticals, financial services, and hospitality, establishing successful ventures like:
- Neopharma, a pharmaceutical manufacturing company.
- UAE Exchange, a leading remittance company catering to millions of expatriates.
- Finablr, a financial services firm listed on the London Stock Exchange (LSE).
By 2012, Shetty’s NMC Health became the first healthcare company from the Middle East to be listed on the LSE, raising GBP 117 million in its IPO. His net worth skyrocketed, making him a billionaire. Shetty’s success earned him accolades and awards, including the Padma Shri in 2009, one of India’s highest civilian honors.
The Fall: From Billionaire to Bankrupt
Despite his growing success, Shetty’s empire was built on shaky financial ground. The first cracks appeared in 2019 when Muddy Waters, a US-based investment firm, released a report accusing NMC Health of fraudulent accounting practices and financial mismanagement. The report claimed the company had undisclosed debts and exaggerated its cash balance.
In early 2020, an internal investigation revealed that NMC Health’s debts were far larger than disclosed, exceeding USD 6.6 billion. The company’s stock price plummeted by over 70 per cent, and it was soon delisted from the LSE.
As the scandal unfolded, Shetty was accused of financial misrepresentation and forgery. Finablr, his financial services firm, also came under scrutiny for alleged fraud, with USD 1 billion in undisclosed debt.
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