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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Stalin alleges Centre's 3-language formula 'covert' mechanism to impose Hindi
Chennai (PTI): Tamil Nadu Chief Minister M K Stalin, referring to the CBSE's recently unveiled curriculum framework, on Saturday alleged the "so-called three-language formula" is in reality a "covert" mechanism to expand Hindi into non-Hindi speaking regions.
Stalin, also the president of the ruling DMK, alleged the curriculum framework by the CBSE, aligned with the National Education Policy 2020, was not an innocent academic reform. It was a calculated and deeply concerning attempt at linguistic imposition that vindicates our long-standing apprehensions.
The chief minister alleged that under the guise of promoting "Indian languages", the BJP-led NDA government was aggressively advancing a centralising agenda that privileges Hindi while systematically marginalising India’s rich and diverse linguistic heritage.
"The so-called three-language formula is, in reality, a covert mechanism to expand Hindi into non-Hindi speaking regions," he alleged in a statement.
For students in southern states, this framework effectively translates into "compulsory Hindi learning." He alleged: "Yet, where is the reciprocity? Will students in Hindi-speaking states be mandated to learn Tamil, Telugu, Kannada, Malayalam—or even languages like Bengali and Marathi? The complete absence of such clarity exposes the one-sided and discriminatory nature of this policy. The irony is stark and unacceptable."
The same Union government that has "failed" to make Tamil a mandatory language in Kendriya Vidyalaya Sangathan schools—and has consistently failed to appoint adequate Tamil teachers, now seeks to lecture states on promoting Indian languages. "This is not commitment, this is rank hypocrisy."
Stalin wondered if the Union government had any understanding of ground realities; of availability of teachers, training capacity, and infrastructure? He asked: "Where are the qualified teachers to implement this sweeping exercise. And crucially, where is the funding to support this enormous burden on the education system? Hence, this appears to be yet another ill-conceived policy announced without planning, resources, or accountability. This was not merely a question of language, it was a question of fairness, federalism, and equal opportunity."
By structurally privileging Hindi-speaking students, this policy risks creating entrenched advantages in higher education and employment, further widening regional disparities.
At a time when the world is moving forward at an unprecedented pace, our children must be prepared for the future. The priority should be to equip them with skills in emerging sectors like artificial intelligence, AVGC (Animation, Visual Effects, Gaming, and Comics), and to strengthen scientific temper and critical thinking. Instead, this regressive and rigid language burden threatens to derail their progress, the CM claimed.
The Union government appears determined to impose Hindi, brushing aside the legitimate, consistent, and democratic concerns raised by Tamil Nadu and several other states. This approach is a direct affront to the principles of cooperative federalism and an insult to the linguistic identity of millions of Indians. India’s strength lies in its diversity and not in "enforced uniformity."
Any attempt to disturb this delicate balance is not just misguided, it is dangerous. "Such policies strike at the very foundation of our pluralistic nation and will be firmly opposed."
Further, he asked: Does the Edapadi Palaniswami-led AIADMK and its NDA allies in Tamil Nadu subscribe to this imposition? Or will they, for once, stand up for the rights, identity, and future of our students?
