SHETTY’S CFO ESCAPES UAE: NRI businessman BR Shetty’s CFO scoots from UAE via Special flight

KOCHI: The Chief Finance Officer (CFO) of NMC Health, a company headed by NRI businessman BR Shetty for long years, Suresh Krishnamoorthy, has landed here by one of the special flights that airlifted stranded Indians, it is reported. The company is into investigations relating to multi-million fraud after financial crime investigators in London found serious irregularities and Shetty had quietly exited from the UAE two months ago to India.

Suresh virtually escaped from UAE without informing the company about his plans for travel. He called up the company after reaching Kochi to say he had to hurry to India because of some family problems – similar to what Shetty had said. It is learnt that he had produced wrong information that some close relative in Kerala died, to avail urgent airlift facility arranged for stranded Keralites by the Indian embassy in the UAE.

Allegations were that BR Shetty planned his exit from the UAE in a secret manner, sometime after he quit the top post in his Abu Dhabi-based NMC group. He is suspected to have funneled huge funds out of the UAE, and the NMC group staff feel the company would collapse any time now. Meanwhile, reports also emerged that one of Shetty’s companies in Indian cities, BR Life, has asked several of its employees to quit and go on an urgent basis.

The CFO vacated his accommodation and took away his entire family to India, as per reports from the UAE media. The company is into losses of over $6 billion, and it is suspected that the entire loss was a fraudulently manipulated affair, and that Shetty acted in a smart manner.

The entire business world in the UAE is now under a shadow over the manner in which Shetty and his firm have acted.

While Shetty alleged that some of his senior management staff mismanaged or misappropriated funds, not many are ready to believe this. Shetty is believed to be inventing an escape route for him after he committed several wrong and motivated actions in his group of firms in the UAE.

Meanwhile, a video interview is taking the rounds of a Kerala-based individual who originally set up the UAE-Xchange, money transfer facility for NRIs in the Gulf, that Shetty had conspired his exit and used the nearest opportunity to oust him and then took control of the firm. “He is mischievous and not straight,” this individual who now works with the Church of God and hailing from Mavelikkara town in Kerala has said, adding he always believed God would punish Shetty for his cruel acts.

Shetty had worked for the BJP during his young days while in India, in Uduppi, and managed to use this link to try and influence those in power in India including Prime Minister Narendra Modi. There are those who say Shetty also worked from behind to make a big success out of the PM’s highly publicized Gulf visits. IHN-NN


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