BR Shetty seeks probe by CBI, ED into $6BN 'fraud' in his companies
New Delhi: UAE-based businessman BR Shetty has sought an investigation by central Indian agencies into what he termed a $6 billion fraud committed by former top executives of his companies in connivance with "unscrupulous" bankers.
The founder of hospital chain NMC Healthcare and UAE Exchange has sent a written complaint to the Central Bureau of Investigation and Enforcement Directorate, urging them to probe the alleged embezzlement, corruption, and laundering of money of his companies.
Shetty has alleged that his two former top executives, Prasanth and Promoth Manghat, connived with bankers, auditors and embezzled billions of dollars.
He has sent copies of the complaint to the Prime Minister and the Serious Fraud Investigation Office of the Ministry of Corporate Affairs.
Economic Times has seen a copy of the complaint.
The complaint is the outcome of a “painstaking” internal global probe by Shetty and warrants a thorough investigation by the central probe agencies, advocates Zulfiqar Memon of MZM Legal, and Nirvikar Singh, who represents Shetty was quoted as saying by Economic Times.
Prasanth and Promoth Manghat, who were former chief executives of NMC Healthcare and UAE Exchange’s holding company Finablr, respectively, could not be reached for comment. According to Shetty’s complaint, the whereabouts of the Manghat brothers were unknown.
The probe agencies have yet to take cognizance of Shetty’s complaint.
Shetty has approached the Indian authorities even as he is facing a probe in the UAE following the collapse of NMC Health, which went into administration for insolvency in April. According to reports, the UAE Central Bank had ordered the seizure of the assets of Shetty and his family, and the Dubai International Financial Centre courts had issued worldwide freezing of his assets.
In India, a court in May had barred Shetty and his wife from selling or transferring some properties till further orders, on a complaint by Bank of Baroda which is seeking to recover loans of more than $250 million from the businessman and his companies.
Shetty, who has blamed his former executives and lenders for the crisis, has named ten individuals and institutions in his complaint seeking criminal action against them.
Shetty has alleged that banks were prosecuting him in a bid to usurp his personal properties and suppress an internal investigation initiated by him.
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Passing out parade held at IMA Dehradun, 491 young officers join Indian Army
Dehradun(PTI): After undergoing rigorous training at the Indian Military Academy (IMA) in Dehradun, 491 cadets participated in a grand Passing Out Parade on Saturday and will now be commissioned as officers in the Indian Army.
The spectacular parade, held at the historic Drill Square in front of the academy's Chatwood Building, was reviewed by Army Chief General Upendra Dwivedi, who served as the reviewing officer.
Along with 491 Indian cadets, 34 foreign cadets from 14 friendly countries also participated in the Autumn Term 2025 Passing Out Parade.
A total of 525 officer cadets from the 157th Regular Course, 46th Technical Entry Scheme, 140th Technical Graduate Course, 55th Special Commissioned Officers Course, and Territorial Army Online Entrance Exam 2023 Course participated in the Passing Out Parade.
The 'Sword of Honour' and gold medal for securing first place during training was awarded to ACA Nishkal Dwivedi, the silver medal to BUO Badal Yadav for second place, and the bronze medal to SUO Kamaljeet Singh for third place.
The silver medal for securing first place in the 'Technical Graduate Course' was awarded to Officer Cadet Jadhav Sujit Sampat, and the silver medal for first place in the 'Technical Entry Scheme-46' was awarded to WCC Abhinav Mehrotra.
The silver medal for the 'Special Commission Officer Course' was given to Officer Cadet Sunil Kumar Chhetri.
Among the foreign cadets, the first place in merit was secured by JUO Mohammad Safin Ashraf from Bangladesh. The Army Chief's Banner for overall best performance in the Autumn Term was awarded to Imphal Company.
As the parade concluded, helicopters showered flowers on the newly commissioned officers from the sky.
On this occasion, General Dwivedi congratulated the new officers in his address for successfully completing their training. He praised the young officers for their high level of discipline, leadership qualities, and endurance, and urged them to uphold the glorious traditions of the Indian Army and serve the nation with loyalty, commitment, and honour.
General Dwivedi said that joining the army marks the beginning of a lifelong duty and selfless service.
The parents and guardians of the newly commissioned officers were also present during the passing out parade.
