Dubai: UAE has ordered to freeze all bank accounts of Indian billionaire BR Shetty and his family and has also blacklisted several firms associated with him along with their entire senior management.
According to Gulf News, the Central Bank of the UAE (CBUAE) instructed all the financial institutions to stop transfers from the accounts of Shetty and deny access to deposit boxes. Issuing an advisory last week, the apex bank cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.
Shetty is the founder of NMC Health and is currently facing a string of charges in India.
Overall, UAE banks have a combined exposure of more than Dh8bn to Shetty’s NMC which owes money to Oman-based banks and financial institutions as well.
Based on the decision of the Head of Plenary Fund Prosecution, the Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.
