India court freezes assets of billionaire who fled UAE

An Indian court has ordered to freeze the assets of billionaire, B.R. Shetty, who earlier fled the UAE with his wife, considering those funds as personal guarantees of debt to the Bank of Baroda, India’s international bank.

The Financial Times reported that the court order is the step taken by India’s most prestigious bank to recover a $250 million debt in the form of loans granted to NMC Health and other companies linked to Shetty.

Dharmendra Chatur, the lawyer representing the Bank of Baroda stated: “A court in Bengaluru has concluded that a prima facie case has been filed to protect the interest of the Bank of Baroda against Shetty and his wife, and the next court session will be held on 8 June.”

At a meeting last March, Shetty agreed to secure his liability to the Bank of Baroda, according to court documents.

A source familiar with the case indicated that Shetty signed an agreement with the bank to mortgage more than 16 real estate assets in India, at a value of $10-15 million.

The case dates back to when the Indian billionaire, owner of NMC Health, fled the UAE in February. Thus, Shetty is facing persecution for at least five legal suits filed against him.

Media outlets explained that Shetty’s financial problems caused the trade of his companies’ shares in the London Stock Exchange to be suspended.

Foreign media reported that the Indian billionaire had fled Dubai after seizing $6.6 billion.