New Delhi, April 16, 2020: Probe agencies in India are tracking the banking exposure of UAE based billionaire B R Shetty who is now facing several charges.
Reports suggest that Indian billionaire B.R. Shetty has flown to India as legal troubles are mounting in his UAE based companies, NMC Health and UAE Exchange, Arabian Business reported.
According to reports, Shetty has not been in UAE for atleast a month and five active legal cases are being pursued there.
Indian agencies will be looking at Shetty’s exposure to Indian banks given the active legal cases in UAE pertaining to fraud and forgery.
Abu Dhabi Commercial Bank, which has the largest exposure to NMC Healthcare, has filed a criminal complaint, alleging "fraud and forgery" against six people, including founder B.R. Shetty, and former CEO Prasnath Manghat, linked to the embattled group, Khaleej Times reported.
ADCB confirmed the move in a statement on Wednesday but did not identify the accused.
As per the report, besides Shetty and Manghat, other four accused as Suresh Kumar, Prashanth Shenoy, Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Ahmad Al Muhairi.
ADCB said it was "acting on its own behalf and on behalf of its subsidiary Al Hilal Bank and its acquired bank United National Bank". The charges levelled against the accused include forgery of financial records and fraud.
"The fraud was committed as a result of collusion between the accused to fabricate and use forged financial statements in which they had willfully misstated the accumulated liabilities of the NMC Group," said the complaint.