Mumbai: Bavaguthu Raghuram Shetty, the troubled Indian entrepreneur who established the UAE’s largest private healthcare network, expressed his “shock” after a Dubai court mandated that he pay nearly ₹1,000 crore to ICICI Bank, and he pledged to contest the ruling. The Dubai International Financial Centre Court ruled last Monday that Shetty must pay ICICI Bank $106 million (approximately ₹920 crore) due to his personal guarantees for loans taken by his now-insolvent company. “I will definitely file an appeal against this judgement, and I am very confident that the appeal court will overturn it. Ultimately, the truth will prevail, and I will receive justice,” Shetty stated.
ICICI Bank did not respond to requests for comment. The Indian private bank had claimed over $125 million against Shetty after two of his companies—NMC Healthcare and Modular Concepts—defaulted on loans for which the 82-year-old allegedly provided personal guarantees. NMC Healthcare had entered into three loan agreements totaling $105 million with the bank between 2012 and 2019, while Modular Concepts secured a $30 million loan in June 2019. Both companies are now insolvent. Although ICICI Bank’s claims regarding the loans to NMC Healthcare were upheld, the Dubai court dismissed claims related to Modular Concepts, as per the judgement dated February 17.
Shetty has denied providing any personal guarantees and claimed that his signature on the loan documents was forged, leading to a focus on expert testimony from handwriting analysts. While he acknowledged that the loans were indeed issued by ICICI Bank to NMC Healthcare, he denied any connection to Modular Concepts. “It looks like my signature, but it could be a fake. Perhaps a signature expert can verify it. I’m certain there’s fraud involved,” Shetty remarked. He added, “It resembles my signature, but it is not mine. My people or others may have done it; I don’t know who.”
However, both handwriting experts—one appointed by ICICI Bank and the other by Shetty’s legal team—confirmed in court that it was indeed his signature on the documents.
Shetty’s journey has been marked by a dramatic rise and fall. Born in Udupi, he moved to the UAE in the 1970s with little to his name and built a business empire in the Middle East, amassing billions and gaining a devoted following in India. In 2005, he received the Abu Dhabi Award, the UAE’s highest civilian honor. NMC Healthcare went public on the London Stock Exchange in 2012, raising £117 million.
