New Delhi, Nov. 8 -- A court in the United Arab Emirates (UAE) has held Indian-born businessman Bavaguthu Raghuram Shetty, aka BR Shetty, liable for fraudulent and wrongful trading in connection with a massive financial fraud that led to the collapse of Abu Dhabi-based NMC Health, which he co-founded in 1975.

According to the Abu Dhabi Global Market (ADGM) Court, Shetty and former NMC Healthcare Chief Executive Officer Prasanth Manghat knowingly participated in a fraudulent scheme involving the misappropriation of company funds, concealment of borrowings, and manipulation of financial statements, Bar and Bench reported.

Justice Sir Andrew Smith of the ADGM Court of First Instance held that the starting point for assessing the financial ...