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Dubai’s DIFC Court has ordered Indian businessman BR Shetty to pay around $46 million. The court found that Shetty falsely testified under oath about a personal guarantee related to a $50 million loan in 2018. Justice Andrew Moran criticized Shetty’s statements, describing them as “an incredible series of lies and contradictory claims,” supported by extensive documents and signature verifications. An interest rate of 9% annually will accrue until full repayment, meaning Shetty owes roughly $11,341 in interest each day.
Shetty founded a healthcare network in the UAE in 1975, which grew into the country’s largest private healthcare provider. However, after disclosing hidden loans totaling $4.4 billion in 2019, the company faced collapse. This led to Shetty resigning from his position and relocating to India.
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