Dubai DIFC court fines Indian businessman BR Shetty $46m

DUBAI: The Dubai International Financial Centre (DIFC) Court has ruled that Indian businessman BR Shetty must pay roughly $46 million after being found to have provided false testimony regarding a personal guarantee for a $50 million loan in 2018.

Justice Andrew Moran, presiding over the case, described Shetty’s statements as “an incredible series of lies and contradictory claims,” citing documentary evidence and photographs, including verified signatures, to support the court’s decision.

The verdict includes an annual interest rate of 9%, which translates to an approximate daily interest of $11,341 until the loan is fully repaid.

BR Shetty, who founded the UAE’s largest private healthcare network in 1975, resigned and returned to India following the 2019 revelation of $4.4 billion in undisclosed loans that led to the collapse of his business empire.

The DIFC court’s ruling marks a significant legal development in one of the UAE’s most high-profile financial cases, holding Shetty personally accountable for the loan guarantee.