BR Shetty, the founder of NMC Health and Finablr, is seeking the help of Indian agencies to investigate an alleged $6 billion fraud committed by former top executives of his companies in connivance with “unscrupulous” bankers, according to Indian media.
Mr Shetty, who is currently in India, submitted a written complaint to the Central Bureau of Investigation and Enforcement Directorate, requesting a probe into the alleged embezzlement, corruption and laundering of company funds by his former chief executives Prasanth Manghat and his brother Promoth Manghat, The Economic Times reported on Thursday.
Mr Promoth Manghat stepped down as the chief executive of Finablr in March, while Mr Prasanth was removed from his position as the chief executive of NMC Health in February.
Mr Shetty also named other individuals and institutions in his complaint seeking criminal action against them, according to the report.
It is unclear what the scope of an investigation by Indian agencies might be due to legal jurisdiction matters.
The CBI and ED are yet to acknowledge Mr Shetty's complaints, according to ET.
NMC Health was founded by Mr Shetty in 1975 and grew from a single hospital into the UAE’s biggest privately-owned healthcare operator.
The company was listed on the London Stock Exchange in 2012 and was valued at £8.58bn at its peak but was put into administration in April after it declared its debts, at $6.6bn, were materially higher than the $2.1bn previously stated in its accounts.
NMC's biggest lender, ADCB, initiated criminal legal proceedings with the attorney general in Abu Dhabi against Mr Shetty and a number of other individuals. A worldwide freezing order on Mr Shetty's assets has also been issued by the DIFC Courts following a claim filed by Credit Europe Bank.
In the complaint to CBI, Mr Shetty claimed that he was "deceived" by the Manghat brothers who gained control over his companies and large amounts of cash and corporate funds, and alleged that the embezzled money was used by the duo to "bribe employees in key functions, auditors and bankers who aided them in the fraud", ET reported.
A spokesman for Mr Shetty refused to comment when contacted by The National on Thursday.
Mr Shetty's complaint is the outcome of a “painstaking” internal probe and warrants a thorough investigation by the central agencies, the newspaper reported quoting his legal counsel Zulfiquar Memon and Nirvikar Singh of MZM Legal.
