False invoices at centre of new NMC probe | Financial Times

False invoices at centre of new NMC probe | Financial Times:

False invoices and forged documents covering hundreds of millions of dollars worth of purported medicine sales are at the centre of a new investigation into fraudulent raising of debt at NMC Health, the troubled healthcare group. 

NMC, the largest private healthcare provider in the UAE, was once a rising star on the London Stock Exchange but it collapsed spectacularly earlier this year as it disclosed billions of dollars in unreported debt. Creditors placed it into administration in April.

Now Neopharma, a pharmaceuticals company controlled by NMC founder BR Shetty, is investigating whether false invoices relating to fake medicine sales underpinned large-scale debt raising at NMC. 

According to documents seen by the Financial Times and people briefed on the situation, the invoices were at the centre of a scheme that is believed to have funnelled billions of UAE dirhams of loans to NMC via Neopharma and one of its partners.