It's another day, with another story in the Indian financial press about the Dhillon family's involvement in financial deals that are almost certainly illegal, and absolutely certainly unethical.
Read the Live Mint story, "Fortis fraud may exceed ₹2,000 crore, says SFIO." Excerpts below:
Download Fortis fraud may exceed ₹2 000 crore says SFIO
New Delhi/Mumbai: The alleged funds diversion at Fortis Healthcare Ltd could add up to more than ₹2,000 crore, according to the trail of funds uncovered by the Serious Fraud Investigation Office (SFIO), a government official said.
The Securities and Exchange Board of India (Sebi), too, suspects that the total size of the Fortis fraud could be much higher than the ₹403 crore it originally estimated, a second person familiar with the development said, requesting anonymity.
Sebi has already passed an order against Fortis to recover ₹500 crore from the Singh brothers for funds diverted to the promoter and promoter-related entities in December.
“At the heart of the alleged fund diversion is Gurinder Singh Dhillon, head of Radha Soami Satsang Beas, and Sanjay Godhwani, a former associate of Malvinder and Shivinder Singh. Six promoter-related companies were used to effect the funds diversion," the first person cited above said on condition of anonymity.
Some of these facts also emerged from the complaint filed by Malvinder Singh with the Economic Offences Wing in Delhi and findings by SFIO. These depict a dark picture of a series of transactions between RHC Holding Pvt. Ltd, the holding company promoted by brothers Malvinder and Shivinder Singh, wherein RHC extended loans worth ₹5,482 crore to Dhillon family members, their associates or entities controlled by them.
...The twist in the tale came when Dhillon sought to discharge himself from the said liabilities, asking the Singh brothers to sign a family settlement that would encompass no legal proceedings or criminality in any circumstance against him.
According to the proposed settlement, Shivinder Singh was offered a position to head the Radha Soami Satsang Beas sect—one that Dhillon would abdicate. In return, the Singh brothers were to write off these loans as bad debt.
While Shivinder agreed to the deal, Malvinder did not, the latter said in the complaint.
In his complaint filed with the Economic Offences Wing against his brother, the Dhillon family and Sunil and Sanjay Godhwani, Malvinder Singh alleged misappropriation of company funds and sought ₹8,742 crore in compensation.
...“It is clear that Dhillon, in the garb of providing spiritual guidance, had gained complete trust and…amassed wealth from the financial facilities extended to the Dhillon family. The true extent of the fraud has not come to light as the entities are tightly controlled by the accused and requires a thorough investigation," Malvinder Singh alleged in the complaint.
This should further destroy the reputation of Gurinder Singh Dhillon, the guru of Radha Soami Satsang Beas, as a "perfect living master."
Actually, he isn't even at the level of a normally imperfect human being. It's outrageous that Gurinder Singh would sell his position as RSSB guru to Shivinder Singh in exchange for being forgiven the massive amount of money owed to companies once controlled by Shivinder and his brother Malvinder, who are Gurinder Singh's cousins.
What kind of a supposedly "spiritual" guru is willing to do this? Only a hugely greedy one.
I'll have more to say about this in another blog post, since every follower of Radha Soami Satsang Beas should consider it morally unacceptable that the RSSB guru looks upon his position as something to be bought and sold rather than as the priceless spiritual legacy the RSSB teachings make it out to be.