NMC founder Shetty says his investigation found ‘serious fraud and wrongdoing’
Bavaguthu Raghuram Shetty, the founder of NMC Health Plc and Finablr Plc, said a preliminary investigation into the London-listed companies by his advisers indicated “serious fraud and wrongdoing.”
Shetty and his advisers have “shared information and evidence from our findings with all relevant boards, as well as with relevant law enforcement and regulatory authorities,” according to a statement.
Trading in NMC, which had a market value of $10 billion at its peak, was suspended in February amid allegations of fraud. It has revealed more than $4 billion of undisclosed borrowings, pushing its total debt to $6.6 billion.
Shetty said the preliminary investigation also found:
• The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorized, consented to, or had any knowledge of.
• The fraudulent creation of loans, personal guarantees, checks and bank transfers in my name, and using my forged signature, that I neither authorized, consented to, or had any knowledge of.
• The creation and set-up of companies in my name that I neither authorized, consented to, or had any knowledge of, and that were seemingly created with the express intention to commit or conceal fraud.
• Shetty is “vigorously pursuing, all legal actions and remedies available to me against those who have committed fraud against my businesses and myself.”