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
January 10,2020

Davanagere, Jan 9: Residents of SVR colony of Channagiri Taluq here on Thursday built a temple in the memory of a male monkey, who died here 'unexpectedly'.

A group of monkeys entered the SVR colony around three months back. The monkeys have never disturbed anybody in the area and they used to play with children living in the colony.

Locals said that the monkeys are very obedient to them.

Unfortunately, one of the monkeys died suddenly on Wednesday, causing distress among people who were very fond of him.

Showing their love for the deceased monkey, locals performed his final rite according to Hindu tradition.

Later, the residents approached the president of the village Panchayat to allot funds to build a temple in the monkey's memory.

The construction of the temple has already begun in the area at the same place where the monkey's funeral was conducted.

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News Network
May 18,2020

Bengaluru, May 18: A large number of people in India are planning inter-city bus travel within a month of the lifting of travel restrictions, according to a randomised online survey of over 10,300 customers of redBus, India's largest online bus ticketing platform.

Nearly 57 per cent of the respondents are planning to travel within a month post the lockdown. However, there is a high standard of expectation on the implementation of measures to make buses safe for travel with over 79 per cent wanting deep cleaning and sanitisation of buses after every trip.

Hand sanitisers, mandatory masks and temperature screening for all passengers are next in expectations for bus travel. Over 78 per cent of the respondents want the implementation of hygienic conditions at boarding points and 70 per cent want social distancing protocols to be implemented at boarding points.

"The survey does underscore the fact that given the adherence to safety protocols, bus travel is possibly one of the safest options for travel since the number of travellers are fewer, checks can be done individually and the whole factor of pick up and drop as close to home as possible minimises the number of contacts throughout the journey," said redBus Chief Executive Officer Prakash Sangam.

In addition, online booking further reduces the number of contact points as people can book bus tickets directly from their home. Further, there is a heightened awareness of personal hygiene and safety measures which is important for the travel to be safe.

"The large number of people waiting to travel not only points to the need but also the importance it has for the revival of economic activity as very few of them would be travelling for leisure," said Sangam.

The survey also showed that passengers put a very high consideration on hygiene, sanitation and disinfection -- over 73 per cent -- and social distancing (63 per cent) and much lower consideration to traditional factors such as travel cost (22 per cent), comfort (21 per cent) and punctuality (18 per cent).

The survey was conducted among redBus customers across India. Only 5 per cent of the respondents were willing to postpone their travel to over six months while the rest had plans to travel within that period.

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News Network
June 5,2020

Bengaluru, Jun 5: Karnataka Chief Minister B S Yediyurappa on Thursday said government employees and owners of tractors and other vehicles must return the BPL ration cards immediately, failing which stringent legal action would be initiated against them.

The CM issued directions in this regard to officials as he conducted a review meeting of the Food and Civil Supplies and Consumer Affairs department today. Proper supply of ration must be ensured to eligible beneficiaries and action has to be taken to prevent misuse of the facility by those not eligible, Yediyurappa was quoted as saying by his office in a release.

Nearly 63,000 ration cards were cancelled before the COVID-19 outbreak, he noted and directed officials to initiate a campaign to cancel all illegal ration cards. "this campaign would help in curtailing the financial burden on the State's reserves," he added.

In the backdrop of coronavirus pandemic, both the Central and State governments have distributed sufficient quantities of ration, and about 95 percent ration cardholders have availed the benefit, the release said. Under the Chief Ministers Anila Bhagya Scheme, 98,079 beneficiaries have been given 3 gas cylinders free of cost, it said.

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