GeneralMedium•7 November 2026•
1 min read
Abu Dhabi Court Holds NMC Founder Liable for $5.4 Billion Fraud
Key Facts
1An Abu Dhabi court held NMC Healthcare founder BR Shetty and former CEO Prasanth Manghat liable for fraudulent and wrongful trading.
2The court identified $5.397 billion as the starting point for financial liability following a scheme involving misappropriated funds and manipulated statements.
An Abu Dhabi court held NMC Healthcare founder BR Shetty and former CEO Prasanth Manghat liable for fraudulent and wrongful trading. Bar and Bench reported that the court identified $5.397 billion as the starting point for assessing financial liability following the discovery of a scheme involving misappropriated funds and manipulated financial statements.
Investigations revealed more than 500 transfers totaling AED 4.18 billion into Shetty's personal accounts, alongside systemic manipulation of the company's financial health. The court concluded that both individuals knowingly participated in fraudulent business practices since April 2012, leading to the collapse of the healthcare group formerly listed on the FTSE 100.