Prasanth Manghat and Promoth Manghat, two Indian citizens defrauded UAE banks of Rs 37000 crore and embezzled the money. The brothers from Palakkad in Kerala, as prime suspects, cases registered from corruption to robbery in UAE, are still absconding.
The money from UAE has been transferred for the construction of a hospital in Kerala, which worth around 1000 crore and Kerala Chief Minister Pinarayi Vijayan inaugurated this Hospital. The construction of hospital was a move to keep the investment safe even in the event of any legal action. Earlier, a complaint was lodged with the Vigilance Police against Prasanth Manghat by a business man from UAE, Sri Balan Sunilan, for embezzling his business empire. However, the case was dropped without arresting Prasanth Manghat. It is alleged that Kerala Chief Minister Pinarayi Vijayan is protecting these brothers and vigilance has closed this case following Chief Ministers involvement. Until 5 years ago,Prasanth Manghat and Promoth Manghat were ordinary people who came to UAE for regular work.
In the last 5 years, they have grown into billionaires without having any particular business. Promoth Manghat was the CEO of Dr BR Shetty’s UAE Stocks Exchange while his brother Prasanth Manghat was the CEO of Dr BR Shetty’s NMC Hospital Group. They had taken loans of huge amounts in the name of these two institutions, along with misappropriate funding and diverted large sums of money. Now UAE is after these two malayalees who have robbed their banks. For more than half a century, the UAE has been the backbone and the source of money for the lives of millions of Malayalees. But now the environment has changed to gold smuggling, bank robbery and other malpractices. All this has led to a great deal of contempt for Indians, especially Malayalees in UAE.