BR Shetty, the Indian businessman based in UAE was stopped at airport by the immigration officials while he was returning to UAE. BR Shetty was stopped at Bengaluru International Airport while he was about to board an Etihad flight to UAE.
As per reports, BR Shetty, the founder and former chairman of the NMC Health and Finablr was stopped at airport because of travel restrictions initiated by a after a consortium of Indian banks. The consortium of Indian banks has initiated travel restrictions in an attempt to recover debits. Earlier a court in India has restricted Shetty and his wife from selling or encumbering properties that Bank of Baroda claimed are personally guaranteed as security by the Shetty.
Earlier this year the Dubai International Financial Centre (DIFC) Courts has freezes the assets of NMC Health chairman BR Shetty. The court took this decision at the request of Dutch lender Credit Europe Bank’s Dubai branch.
The bank had filed a case against NMC and BR Shetty due to non-payment of $8.4 million (Dh31 million) loan facilitated in 2013. The Dubai court ordered former NMC chairman not to sell assets with a value of up to $8.4 million without the approval of the lender.
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