{
  "id": 19011225,
  "title": "NMC fraud explained: How false invoices, hidden loans concealed billions",
  "url": "https://urgent.news/2026/11/08/nmc-fraud-explained-how-false-invoices-hidden-loans-concealed-billions",
  "topic": "world",
  "section": "World",
  "published": "2026-11-08T20:01:00.000Z",
  "source": {
    "name": "Gulf News",
    "slug": "gulf-news",
    "url": "https://gulfnews.com/business/banking/nmc-fraud-explained-how-false-invoices-hidden-loans-concealed-billions-1.500740486"
  },
  "original_language": "en",
  "account": "False invoices were used to raise financing for NMC Healthcare, along with hidden loans and two sets of books to conceal the company's financial position. An Abu Dhabi court ruled in November 2020 that founder BR Shetty and former CEO Prasanth Manghat were liable for fraudulent and wrongful trading. The court found NMC to be the victim of a \"massive and sophisticated fraud\" between April 2, 2012, and April 9, 2020. False invoices were used by third-party companies to invoice NMC entities for goods or services never intended to be supplied, which were then returned to the group. Financial institutions paid through financing with payment terms of 90, 120 or 180 days. These sham transactions helped conceal debt by providing cash without formal loan agreements. From 2016 or 2017, funds increasingly passed through intermediate companies before returning to the group. The accounts concealed approximately Dh14.28 billion in undisclosed borrowing alongside reported borrowing of Dh7.32 billion, totaling Dh21.60 billion. An internal accounting record referred to as the \"Advance Account\" contained about 20,000 entries involving concealed transactions. The fraud required \"discipline, organisation and meticulous planning,\" according to the court.",
  "summary": "Dubai: False invoices raised financing, spreadsheets tracked hidden debts, and two sets of books concealed the financial position. These were among the methods used in the fraud against NMC before its 2020 administration, according to an Abu Dhabi court judgment. The November 5 ruling held founder BR Shetty and former chief executive Prasanth Manghat liable for fraudulent and wrongful trading.…",
  "key_points": [
    "NMC Healthcare used false invoices to raise financing",
    "Hidden loans concealed Dh14.28 billion in undisclosed borrowing",
    "Court ruled founder and former CEO liable for fraudulent and wrongful trading"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}