Indian Billionaires Live Luxury Before ‘burning Bag’ For Debt

Once in the top 50 richest people India and have a luxurious life, Mr. Bavaguthu Raghuram Shetty lost most properties ... 0:00 / 3: 25 Nou Mien Nan Bavaguthu Raghuram Shetty - Photo: Instagram Year 2019 Chi Forbes estimates Mr

. Bavaguthu Raghuram Shetty owns $ 3.15 billion property. This Indian billionaire is the founder of the Company Operating NMC Health Hospital and Finablr financial services firm as well as acquiring many other companies in the United Arab Emirates (UAE)
, Owning the Empire Including many companies in the field of pharmaceuticals, financial services, retail, advertising, information technology, he used to reach the top 100 Richest Indians in 2015 of Forbes and was the 42th richest on the list. This year 2020. However, according to SCMP, earlier this year, the luxury world of this billionaire collapsed when the research firm Muddy Waters announced a report that discloses complex joint stock agreements of NMC, making a stirrup Up the allegations of fraud, and showed that this company owed $ 4 billion. In fact, this company was investigated since the beginning of 2020 related to corporate governance activities. Due to the declining stock price as well as the fact that Mr. Shetty is committed to selling shares to pay debts, his property is now considered only a small part compared to over 3 billion USD before. He is also not in Forbes' Indian billionaire list of The National, this billionaire said his signature has been shown on materials revealed by Muddy Waters and affirming business transactions Taking place that he did not know or did not get his approval. Shetty is famous for luxury lifestyle. He is one of the few super rich can buy apartments in Burj Khalifa's tallest building in Dubai (UAE). Not only that, he bought all the apartments on the 100th floor and 140 of the building, according to Economic Times
TV News NEWS estimates this billionaire has spent about $ 25 million for these apartments. In an interview with TV News, Mr. Shetty said it had to wait 5 hours to complete the transaction. He decided to buy a whole floor instead of buying and selling each apartment because it was a "reputation address". The Indian billionaire revealed that he used these apartments to organize parties and did not intend to sell them even if they could make a big profit. This is his share before falling at the beginning of this year. In an exclusive interview with the Arabian Business, Shetty said he first arrived at Abu Dhabi in the 1970s, when only 7 USD in his pocket . At that time, he made money from selling Nivea lotion. Years later, in 2011, when the Nivea brand celebrated 100 years of establishment with parties held around the world, Mr. Shetty also held a party its own at the Burj building to celebrate this event . "Can you believe it? A normal NIVEA cream seller is celebrating the 100th anniversary of its brand in the world's tallest building with 100 special guests, including NIVEA board members. This is a great story and will go into history ", Mr. Shetty told Arabian Business. The apartments in the tallest building on the planet, the luxurious party, the Indian billionaire also owned many supercars . He was proud to be the owner of a Rolls-Royce Phantom costing $ 450,000 or more. According to CartoQ, he is one of the first people in the world owns Mercedes-Maybach S600. In addition, he also owns an impressive ancient car collection, including Morris Minor 1000 in 1961. After recent events, this unknown billionaire is still holding or selling apartments in Burj and My supercar collection.

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