Embattled tycoon B R Shetty now holds employees responsible for NMC fraud 

coastaldigest.com news network
April 30, 2020

Newsroom, Apr 30: Beleaguered billionaire B R Shetty, who went into hiding after after a multi-billion fraud at UAE-based NMC Health came to light, has now put the blame on his companies employees.

The former chairman of the Abu Dhabi headquartered hospital operator said, investigations he commissioned found following things:

1. The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised, consented to, or had any knowledge of.

2. The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of.

3. The creation and set-up of companies in my name that I neither authorised, consented to, or had any knowledge of, and that were seemingly created with the express intention to commit or conceal fraud.

4. The fraudulent creation of powers of attorney, and the misuse of existing powers of attorney, again in my name, that I that I neither authorised, consented to, or had any knowledge of.

5. The creation and provision to me of false and misleading financial statements and information regarding the performance of some of my private companies and investments by members of my own management team.

6. The payments of expenses using my private companies and personal bank accounts, I believe to hide the true financials of the public companies."

This is the first time Dr. Shetty, who is reportedly hiding in India for the last couple of months, issued a statement based on investigations he commissioned privately. He had brought in a consultancy to conduct it after initial revelations came to light that NMC Health had not been fully transparent with its finances.

Dr. Shetty had stepped down as executive chairman after the then Board of Directors barred him from attending any meetings. “I intend to work tirelessly to clear my name and assist any authorities in getting to the truth and help them ensure that misappropriated or missing funds are returned by the perpetrators to their rightful owners,” said Dr. Shetty.

This month, ADCB, which has the highest exposure among UAE banks to NMC Health, brought charges against five former officials, including ex-board of directors, with Abu Dhabi prosecution. The former CEOs of NMC Health and Finablr are also currently not in the UAE.

Comments

Kannadiga
 - 
Thursday, 30 Apr 2020

Can he explain give few wordd about Daniel Varghese  the founder of UAE exchange.

Who is the person shattered his fate .

 

 

 

 

 

 

 

 

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News Network
February 29,2020

Mysuru, Feb 29: More than 7,000 industrialists and entrepreneurs have left the country due to a deficit of trust, and incidents like the violence that rocked northeast Delhi will only affect the economy further, Sri Sri Ravi Shankar, founder of Art of Living Foundation, said on Friday.

Sri Sri was speaking at a corporate wellness conference on the theme, 'Wellness and Wellbeing for a Progressive Nation', hosted by CII in Mysuru. He said an atmosphere of fear and mistrust pervades the country and does not augur well for the economy.

"Bankers, too, are suspicious of everyone and not extending loans to industrialists. This has posed lots of problems," he said. "This attitude among bank officials should go as life depends on trust. When there is a deficiency of trust, there is a possibility of the economy slowing down," Sri Sri added

He said society is now facing two important issues - aggression and depression. "Some people stage protests and pelt stones which happened recently in Delhi. This is really unfortunate," he said, adding, "Fear lurks in the nation's capital, which is being used by many to create terror. This will affect the economy. No country will prosper without peace."

Wellness is the need of the hour, he said, adding, "Corporates used to spend half their health to gain wealth and spend half their wealth to regain their health. This isn't good economics. We have to talk and convince people to invest in wellness."

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News Network
March 7,2020

New Delhi, Mar 7: The Supreme Court on Friday stayed the bail granted by Karnataka High Court to 21 Popular Front of India (PFI) members accused in connection with violence that erupted during the protests against the Citizenship Amendment Act (CAA) in Karnataka's Mangaluru in December 2019.

On February 17, the High Court had granted bail to the accused on the bail petition filed by Mohammed Ashik.

A bench consisting Chief Justice S A Bobde issued notice to the accused on Friday after taking cognisance of the plea filed by Karnataka government against the bail granted by the High Court.

Appearing for the state government, Solicitor General Tushar Mehta criticised the High Court's order stating that at least 56 policemen sustained injuries during the violent protests.

Two persons identified as Jaleel (43) of Kudroli and Nousheen (49) of Bengre had died at a private hospital following the bullet injuries they sustained in an alleged police firing during a protest against CAA 2019.

Comments

Abdul Gaffar Bolar
 - 
Saturday, 7 Mar 2020

RSSupreme court!

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coastaldigest.com news network
July 20,2020

Mysuru, Jul 20: Police and the Bengaluru City Quarantine Squad apprehended quarantine breacher “Drone Boy” Prathap N M in Mysuru on Monday afternoon.

Police sources said that the 23-year-old youth agreed to surrender following negotiations with officers. 

“He agreed to turn himself in after realizing that he had no other alternative,” said an officer, speaking on the condition of anonymity.

A team of officers from the Quarantine Squad under Dr Prayag H S and police from the Talaghattapura Police Station under Inspector Ramappa Guttedar said they apprehended Prathap who was staying at a hotel in the Mandi Mohalla area at around 3 pm.

Prathap’s father accompanied the team to convince his son to surrender. Police said Prathap will be returned to the city to be placed into 14 days of institutional quarantine. 

With two cell phones at his disposal Prathap, who is accused of twice breaching home quarantine regulations, fled the city on Saturday. 

Police, who were initially aware of only one cell phone, lost track of the youth as he drove out of the city, turning his phone off near Kengeri.

However, after quizzing the fugitive’s family, police learned that Prathap had a second phone and sim card. “His whereabouts were established on Sunday evening by tracking this second phone,” an official source said.

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