Indian entrepreneur BR Shetty has filed a complaint with central investigative agencies in India seeking a probe into two former top executives of his companies and two Indian banks related to a multi-billion dollar financial scandal engulfing his group.

Several companies linked to Shetty, including top United Arab Emirates hospital operator NMC Health PLC and payments firm Finablr PLC, have come under severe financial strain this year after short-seller Muddy Waters questioned NMC’s financials.

At issue, Muddy Waters said, were questions about NMC’s asset purchase prices and capital expenditures, which it said were both inflated.

NMC and Finablr subsequently announced far higher debts than they had previously reported.

Shetty’s 55-page complaint, a copy of which was seen by Reuters, accuses the former chief executives of NMC and Finablr, along with their associates and bankers, of inflating the companies’ balance sheets, arranging “illegal” credit facilities and misappropriating funds since 2012.


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The Central Bureau of Investigation (CBI) raided the premises of Karnataka Pradesh Congress Committee (KPCC) president DK Shivakumar and his brother DK Suresh on Monday morning.

The raid was conducted on multiple locations in Bengaluru, and it is said to be related to an alleged corruption case.

Reacting to the CBI’s raid, Senior Congress leader and Leader of the Opposition Siddaramaiah tweeted: “@BJP4India has always tried to indulge in vindictive politics & mislead public attention. The latest CBI raid on @KPCCPresident @DKShivakumar’s house is another attempt to derail our preparation for by-polls. I strongly condemn this.”

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Randeep Singh Surjewala, AICC General Secretary in-charge of Karnataka, too condemned the CBI, raid and said: “The insidious game of intimidation & machinations of Modi-Yeddyurappa duo being executed by a puppet CBI by raiding @DKShivakumar won’t deter us. CBI should be unearthing the layers of corruption in Yeddyurappa Govt. But, ‘Raid

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