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.
ET has seen a copy of the complaint.
Thecomplaint is the outcome of a “painstaking” internal global probe by Shetty and warrants a thorough investigation by the central probe agencies, advocates Zulfiquar Memon of MZM Legal and Nirvikar Singh, who represent Shetty, toldET.
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 cognisance 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 a 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.
His complaint has accused Bank of Baroda officials of colluding with the Manghat brothers. The government-owned bank didn’t respond to ET’s email seeking comment till press time Wednesday.
Shetty has claimed that the fraud was perpetrated over the course of seven to eight years (2012 onwards). The complaint alleged that the fraud utilised “approximately 50 to 60 banking credit and/or trade finance facilities that Manghat brothers were able to illegally obtain over time from international banks, local lenders in the UAE as well as shadow bankers and factoring firms”.