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
April 20,2020

Hubballi, Apr 20: Dejected over failure to get alcohol for almost one month, a forty-five year old man and his sister died after consuming hand sanitizer in Kalghatgi taluk of Dharwad district on Sunday.

The deceased persons, identified as Basavaraj Venkappa Kuruvinkoppa and Jambavva Kattimani (50) of little hamlet Gambyapur, died at Karnataka Institute of Medical Sciences (KIMS).

The wife of the deceased person has lodged a complaint at Kalghatgi police station stating that her husband had been addicted to alcohol since the last 10-12 years.

Basavaraj and his sister have reportedly consumed hand sanitizer several times since the last 2-3 days, severely deteriorating their health as they felt it is replacement for liquor and has high levels of spirit content.

They were admitted to KIMS only by Sunday early morning after complaining of serious pain in the stomach. The KIMS director Dr Ramalingappa Anthartani said that the deceased appears to have consumed too much sanitizer and the doctors couldn't save their life as they approached the hospital very late.

He also claimed that he is awaiting the postmortem report to know how much quantity of hand sanitizer the deceased had consumed.

"Condition of the patients was very critical when they were admitted to KIMS hospital. It seems that they had drunk too much hand sanitizer for non-availability of liquor. Consumption of hand sanitizer could prove fatal as it has high chemical contents" KIMS director Dr Ramalingappa Anthartani said

The Karnataka government has prohibited the sale of liquor ever since the Centre declared lockdown to control the spread of Coronavirus. This has prompted the alcohol addicts to buy liquor by paying hefty prices in the black market.

But, many poor people in villages have started consuming cheaper hooch and this trade has recently flourished in the rural areas.

Hooch trade has also prompted officials of the excise department to conduct raids in several villages of North Karnataka region. The many theft cases of liquor shops are reported in Karnataka as drunkards have become desperate to get alcohol.

The Karnataka government was planning to allow the sale of liquor after the end of the first phase of lockdown. But, the rising cases of Corona positive cases has prompted it to extend the ban on liquor sale until May 3.

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News Network
February 17,2020

Bengaluru, Feb 17: Days after 10 MLAs were inducted in the Cabinet, Chief Minister B S Yediyurappa is likely to expand his Cabinet again as some BJP MLAs are unhappy, said BJP sources.

Several leaders including Umesh Katti, CP Yogeshwar, Raju Gowda and MP Renukacharya are miffed over the recent cabinet expansion, claim sources.

On February 6, ST Somashekar, Ramesh Laxmanrao Jarkiholi, Anand Singh, K Sudhakar, BA (Byrathi) Basavaraj, Arabail Hebbar Shivaram, Hasavanagowda C Patil, K Gopalaiah, Narayana Gowda and Shrimant Balasaheb Patil took oath as ministers.

It should be noted that many MLAs had won the by-polls on a Bharatiya Janata Party (BJP) ticket in December last year after switching loyalties from the Janata Dal (Secular) (JDS) and Congress.

In the December 5 by-polls held in 15 Assembly constituencies, the BJP had won 12, while Congress managed to bag only two. One seat was won by an Independent candidate while the JDS drew a blank.

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News Network
July 8,2020

Bengaluru, Jul 8: In a setback to the State government, the Karnataka High Court on Wednesday stayed the initial ban and the subsequent restrictions imposed on schools against conducting online classes from pre-primary to Class X.

Prima facie the ban and embargo imposed on online education violate Articles 21 and 21A of the Constitutionon the fundamental right to education, the Court said.

A Division Bench comprising Chief Justice Abhay Shreeniwas Oka and Justice Nataraj Rangaswamy passed the interim order staying the operation of Government Orders issued on June 15 and June 27 respectively.

The Bench passed the interim order on the petitions filed by parents of children and several educational institutions questioning the legality of the ban and the restrictions imposed.

However, the Bench made it clear that this order should not be construed that the schools have right to make online education compulsory and can charge fee for offering online education. Also, the schools should not deprive students, who cannot opt for online education, the lost education when the schools reopen on regular basis.

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