Dubai: Dr. B.R. Shetty, founder of NMC Healthcare and UAE Exchange Centre, wants Indian government agencies to join the investigation into the diversion of funds that took place at these companies. The businessman, who has been in Bengaluru since February, also cited possible money laundering as reasons for Indian investigative agencies to look into the matter.
He wants India’s premier agencies, CBI and Enforcement Directorate, to initiate the probes.
In recent weeks and months, Shetty has frequently insisted that he was completely in the dark about the activities that were going on in the companies he had launched. While NMC saw funds totaling $4 billion being taken from banks and not entering its books, Finablr, the holding company for UAE Exchange, had about $1 billion thus diverted.
The CEOs who were there at these companies have long since left the UAE, and their whereabouts since are not known. The UAE authorities and NMC, which is currently under administration, are looking to trace the culprits and all those who facilitated the loot. The administrators on Wednesday also said they would look into financiers who might have helped in the diversions.
Status unknown
It is not known whether Shetty’s call for Indian investigators to enter the picture will be taken up. Much of the conspiracy was hatched in the UAE and the diversion of bank funds also happened at the local level. ADCB is the worst affected among NMC lenders.
Shetty could not be reached for a comment on his latest move. But it is believed that his demand for an India-side probe stems from the possible money laundering aspect, and given that the suspected perpetrators are believed to be in India. Plus, the fact that the funds, or some of it could have ended up in India.
