Meet Binay Shetty, his father was once a billionaire, owned many flats in Dubai’s Burj Khalifa, lost all his money due to…, sold his company for less than Rs 100, his father is…
Binay Raghuram Shetty, the son of once-celebrated entrepreneur Dr. B.R. Shetty, grew up surrounded by the highs of wealth and the values of hard work. While his father built a global empire from humble beginnings in Udupi to the skyscrapers of Dubai, Binay observed the journey up close—from the boardroom meetings to the philanthropic work that defined the Shetty name in the UAE.
Dr. B.R. Shetty watched his once-thriving empire fall apart after being hit with major financial fraud claims. He had founded NMC Health back in 1975, which grew into a leading private healthcare provider in the region. But things took a dramatic turn when US firm Muddy Waters Research alleged that the company had hidden large amounts of debt. As a result, Shetty was forced to sell the company for just Rs 74 to an Israeli-UAE organization, even though it was formerly valued at Rs 12,478 crore.
Born in 1942 in Udupi, Karnataka, Shetty moved to Dubai in 1973 with little more than ambition. He started off working as a pharmaceutical salesman, slowly building connections in the growing healthcare space. Over time, he founded NMC Health, which became the UAE’s first and largest private healthcare provider.
But Shetty didn’t stop there—he launched and expanded companies like Neopharma, Finablr, and BRS Ventures, building a vast and influential business empire. At the height of his success, his net worth touched nearly USD 3 billion.
His lifestyle was equally grand—he owned private jets, luxury cars, and even held multiple floors in Dubai’s iconic Burj Khalifa. However, everything came crashing down when accusations of financial mismanagement surfaced.
About Binay Raghuram Shetty
Born into privilege background, Binay Shetty chose to pursue higher education at Boston University, where he studied business and economics. After completing his studies, Binay joined BRS Ventures, the family’s holding company, where he took on roles that required both vision and adaptability. Over time, he moved into leadership positions, including CEO of BRS Ventures, and later held key roles across the Shetty business ecosystem. He served as Vice Chairman of Travelex Holdings Ltd., and held board memberships in companies like NMC Health Plc, Finablr Plc, Alexandria New Medical Center Co., and Assam Company India Ltd.
Apart from the core businesses, Binay has also served on the boards of Assam Company India Ltd. and Alexandria New Medical Center Co. A graduate of Boston University, Binay’s education helped prepare him for steering the business through challenging times and navigating its future course.
Though the Shetty legacy has seen serious setbacks, Binay Shetty remains actively involved in efforts to rebuild and redefine the family’s presence in the corporate world.
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