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Dubai, Jul 25: The founder of NMC Health, BR Shetty, has had a worldwide freezing order placed on his assets at the request of a lender that claims he has defaulted on a loan of more than $8 million (Dh29.4m).

The order was granted to Credit Europe Bank (Dubai) last month ahead of a claim filed at the DIFC Courts against Mr Shetty, New Medical Centre Trading and NMC Healthcare.

The lender said in its claim they “are jointly and severally liable” for the repayment of money initially secured through a credit agreement in December 2013 and renegotiated in December last year. Credit Europe Bank is an Amsterdam-headquartered institution specialising in trade and commodities finance with operations in nine countries.

The credit agreement was guaranteed by two security cheques which the bank said in its claim were signed by Mr Shetty – one drawn on his personal account and another on the account of New Medical Centre Trading – that have been "dishonoured upon presentation due to insufficient funds".

The bank claimed Mr Shetty “has now fled the jurisdiction of the UAE to India” and that there was a risk of his “substantial” assets in the Emirates being dissipated.

The assets frozen include properties in Abu Dhabi and Dubai, as well as shares in NMC Health, Finablr, BRS Investment Holdings and other companies. It allows for up to $7,000 per week to be spent on “ordinary living expenses and reasonable sum[s] on legal advice and representation”, a DIFC Courts document granting the freezing order shows.

Credit Europe Bank declined to comment when contacted by The National, stating it does not comment on ongoing litigation proceedings. Representatives for Mr Shetty and for NMC Healthcare, which is now being run by administrators Alvarez & Marsal, also declined to comment.

NMC Healthcare was founded by Mr Shetty in 1975 and grew from a single hospital into the UAE’s biggest privately-owned healthcare operator, which employed 2,000 doctors and 20,000 other staff. The company was listed on the London stock exchange and at its peak was valued at £8.58 billion (Dh40bn). However, its shares slumped after short seller Muddy Waters Research issued a report in December 2019 alleging the company had inflated its cash balances, overpaid for assets and understated its debts. This led to a string of damaging revelations by the company, including the fact that its debt was materially higher – at $6.6bn – than the $2.1bn on its balance sheet. NMC Healthcare was placed into administration in April by its biggest creditor, Abu Dhabi Commercial Bank, but its UAE businesses continue to trade as a going concern.

Mr Shetty said in a statement issued in April that he has been a victim of fraud committed by "a small group of current and former executives” at companies owned by him. He said bank accounts were created in his name and transactions were made without his knowledge, and that loans, cheques and bank transfers were also fraudulently guaranteed in his name using his forged signature.

In response to the claim filed by Credit Europe Bank (Dubai) at the DIFC Courts, Mr Shetty says he did not personally guarantee loans made to NMC Trading or NMC Healthcare and that the signatures used on cheques guaranteeing the loans are forgeries. His defence cites the opinion of “Dr Al Bah, an independent, experienced and qualified forensic document examiner”, that someone other than Mr Shetty signed the lending agreements and cheques.

An application by NMC Trading and NMC Healthcare to the DIFC Courts to have the claim against it heard in private for fear of triggering claims by other lenders – the group owes money to around 80 local, regional and international lenders – was dismissed, given that the appointment of administrators at the group and allegations of fraud at the company are already in the public domain.

Both companies have indicated to DIFC Courts that they intend to contest the claim against them.

New Delhi, Mar 30: A Muslim woman from Jammu and Kashmir has donated her savings of Rs 5 lakh, meant for the Hajj pilgrimage, to the RSS-affiliated 'Sewa Bharati' after apparently being "impressed with the welfare work" done by the outfit amid the lockdown due to the novel coronavirus pandemic.

Khalida Begum, 87, who saved Rs 5 lakh for Hajj, was forced to defer her plans for the pilgrimage due to the lockdown.

Hajj is the annual Islamic pilgrimage to Mecca in Saudi Arabia, the holiest city of Muslims.

"Khalida Begum ji was impressed with the welfare work done by the Sewa Bharati in Jammu and Kashmir during the tough time the country is passing through due to sudden outbreak of COVID-19 and decided to donate Rs 5 lakh to the organisation," Arun Anand, head of RSS media wing Indraprastha Vishwa Samvad Kendra (IVSK), said.

The woman wants that this money should be used by the community service organisation Sewa Bharati for the poor and the needy in Jammu and Kashmir. She had saved this amount for performing Hajj, plans for which she deferred due to the present situation, Anand said.

"Khalida Begum ji was among the first few women in Jammu and Kashmir who got educated in a convent. She is the daughter-in-law of Colonel Peer Mohd Khan, who was president of the Jana Sangh," he said.

Jana Sangh was also an associate of RSS and later became the Bharatiya Janata Party.

Anand said despite her age, she had been very active in welfare works for the women and the downtrodden in Jammu and Kashmir. Her son, Farooq Khan, a retired IPS officer, is presently serving as an adviser to the Jammu and Kashmir Lieutenant Governor.

Meanwhile, since the lockdown was announced, Sewa Bharati volunteers across the country have been providing food and other essential items to the needy. The Sangh-affiliate's volunteers were seen on Saturday managing crowd and providing food to them at the Anand Vihar bus terminal in Delhi.

Bengaluru, Jan 31: Senior IPS officer Praveen Sood is the new Head of Police Force in Karnataka as the current DG and IG Neelamani Raju today retired.

Praveen Sood, the DIG of CID’s Economic Offences Wing, introduced several reforms that sped up investigation processes. He introduced the Crime and Criminal Tracking Network System all over the state by networking all police stations in the country and ensuring data entry and retrieval of all information in police stations and higher police officers online.

Born in 1964, Sood graduated from IIT Delhi and joined the Indian Police Service in 1986. He kicked off his career as the Assistant Superintendent of Police in Mysuru in 1989. He has served as the SP of Ballari and Raichur before being posted as the Deputy Police Commissioner (Law and Order) of Bengaluru.

In 1999, he served as the police officer on foreign deputation as the police advisor to the Government of Mauritius for 3 years.  He was posted as Police Commissioner of Mysuru City between 2004 and 2007.

He took over as the Additional Commissioner of Police (Traffic) in Bengaluru in 2008 and continued in the post till 2011. He has won the Chief Minister’s Gold Medal for excellence in service in 1996, the Police Medal for Meritorious Service in 2002  and the President’s Police Medal in 2011.

During 2013-14 he took over as Managing Director of Karnataka State Police Housing Corporation. He later worked as the Principal Secretary to the Home  Department as the Additional Director General of Police (Karnataka State Reserve Police) and the ADGP of Administration.

In 2017, he was appointed the Bengaluru Police Commissioner. He was also instrumental in launching “Suraksha” App and “Pink Hoyasalas” managed by all-women police officers.

As the DIG of the CID, Economic offences and Special Units, he is credited for opening the Centre for Cyber-crime Investigation, Training and Research for training police officers, prosecutors and the judiciary in handling cyber crime cases.