Dubai-based Indian businessman BR Shetty has vowed to appeal a $106 million judgment awarded to ICICI Bank by a Dubai court. The ruling, which holds Shetty personally liable for the debt of his now-bankrupt NMC Health, is based on personal guarantees that he insists were not signed by him. Despite handwriting experts verifying the authenticity of his signature, Shetty has strongly contested the findings, calling them inaccurate.
The case revolves around loans issued to NMC Health, once the largest private healthcare provider in the UAE, before its financial collapse in 2020 due to allegations of fraud and undisclosed debt. ICICI Bank pursued legal action against Shetty, arguing that he personally guaranteed the loans and should be held accountable for repayment. The Dubai court ruled in favor of the bank, reinforcing its claims with forensic analysis of Shetty’s signature.
Shetty, however, maintains that the signatures on the documents were forged and that he never provided personal guarantees for the loans. He has accused unknown individuals of using fraudulent means to implicate him in financial liabilities he was not aware of. His legal team has announced plans to challenge the verdict, arguing that the forensic examination may have overlooked crucial discrepancies.
This legal battle is part of a broader crisis surrounding Shetty’s business empire, which collapsed following revelations of financial misconduct at NMC Health and Finablr, his financial services firm. Investigations uncovered billions in unreported debt, triggering regulatory scrutiny and legal actions in multiple jurisdictions. Shetty has consistently claimed he was a victim of internal fraud orchestrated by his former associates.
Despite the setback in Dubai’s courts, Shetty remains determined to clear his name. He has pledged to fight the ruling and seek a thorough investigation into the authenticity of the disputed documents. With billions in outstanding claims and ongoing litigation, the case is set to be a prolonged legal battle, shaping the final chapter of BR Shetty’s embattled business legacy.
