Finablr founder Shetty resigns as Indian court closes net on NMC Health

Finablr Plc co-chairman Bavaguthu Raghuram Shetty resigned from the embattled foreign-exchange operator’s board in the wake of a corruption scandal that pushed its sister firm NMC Health into administration.

The announcement of Shetty’s departure was followed by another statement on Monday that Britain’s tax authority intends to shut down Finablr’s UAE Exchange UK and Xpress Money Services.

The firm plans to work with the agency to attempt to restore the registrations, Finablr said.

In a separate matter, a commercial court in the Indian city of Bengaluru has temporarily restrained Shetty from selling certain assets following a petition filed by Commercial Bank of Dubai, according to an order dated August 14.

Finablr and NMC Health, which were both listed on the London Stock Exchange before being suspended, uncovered billions of dollars of hidden debt.

Shetty has said that he was the victim of fraud.