Well, there's been an interesting exchange of opinions following recent posts I've written about the financial fraud involving Gurinder Singh Dhillon, the guru of Radha Soami Satsang Beas, his family members, and close associates.
In general, RSSB devotees have been guilty of ignoring facts -- which, of course, was one of the points I made in my most recent post on this subject, "Why Gurinder Singh Dhillon is a lot like Donald Trump."
Spence Tepper, a hospital consultant, has delved deeply into the details of the financial fraud uncovered by SEBI, the Securities and Exchange Board of India. He's been doing a good job of leaving comments on this blog that correct errors made by those who want to deny that the RSSB guru has any connection with the financial fraud.
Here's Tepper's most recent comment, where he responds to someone who doesn't accept the SEBI facts.
All I've done is refer to the information from SEBI. SEBI IS the law, and they have made their ruling. So if you continue to believe that this wasn't fraud, then, I'm sorry, you are not acknowledging the facts nor SEBI. If you acknowledge there has been fraud and fictitious cooking of books, then you are at least acknowledging the facts. You may interpret them as you will.
But claiming these are merely unpaid loans isn't true. And it ignores the SEBI's ruling. You are really working very hard to hide a crime, and why would you do that? I do see your effort to limit the scope, but I think if you understand that the scope includes all the companies involved, even those with RSSB members and Gurinder family members on the board...such as RHC, etc...then we are certainly in agreement.
The fact is someone set up this scheme. We do know that Malvinder and Shivender participated and kept it going. And we know that all the others at the least went along with it. Many other people gained richly from this scheme. Who is to blame? They all share some of the blame. It's very sad when people steal money. That's what happened here.
But it's also sad when people deny it. Who are you to deny justice when people's [health] care is now in jeopardy? Let's not place the blame on any one person. Legally, that hasn't happened yet. But legally, a crime was committed. Several corporate robberies. That should not be dismissed.
Because right now a healthcare system is struggling to survive due to the impact of these robberies. If you can dismiss robbery, what other harmful things can you dismiss? Where is your value system of right and wrong? And if that doesn't exist, how do you expect to be treated fairly? Or do you believe you should be treated special, for some reason? On what grounds?
When others are harmed, do you view them as untouchables? As none of your concern? I can't say how you were raised, but that wasn't how I was raised. The capacity to judge right from wrong is the duty of every adult. And to teach our children how to ascertain right from wrong is the first lesson in teaching them to advocate for the wronged, defend those without voice, the weak, the sick, the crippled.
You and I have a different value system. Very different.
As I noted in a comment of my own, some defenders of Gurinder Singh Dhillon and his family are pointing out that they and their close associates aren't listed as directors of the three shell companies that SEBI identified as illegally siphoning funds from Fortis: Best Healthcare, Fern Healthcare, Modland Wears.
Here's Tepper's cogent response. (I've corrected a few typos.)
The SEBI order refers to the Singhs [Malvinder and Shivinder] as well as to the specific shell companies, and RHC where the Singhs and Gurinder share majority holdings. The SEBI made a legal determination that the Singhs and these companies had engaged in fictitious and fraudulent activity.
At the time, those shell companies were run by Dhillon family and RSSB associates leadership. The Singhs had no direct ties to those shell companies at that time, according to the SEBI audit. This precisely served the purpose of laundering money. The Singhs gave loans to these companies that at the time they had no legal ties to.
These were Gurinder family/RSSB leadership owned companies. And these companies have been ordered to pay the money they and the Singhs had fictitiously booked as repaid while under Gurinder family/RSSB leadership control. The judgement of guilt is legal and has already been made.
Since the time of this fraudulent activity, the leadership at these companies has changed hands.
There have been resignations and new directors assigned. This supports Malvinder 's testimony about Shivinder. In late 2018 there were resignations. For example, at Modland Wears, one of the shell companies started in 1991, directors resigned in 2018, and they are no longer listed on any information website.
We only know today that papers of resignation were filed in 2018, from the MCA India website. Malvinder claimed that Shivinder had encouraged Gurinder to sell the shell companies, indicating Gurinder owned them. Malvinder further claims Shivinder had offered to assume Gurinder's liabilities in exchange for something.
Malvinder claimed it was the Guruship that was the exchanged commodity.
This also directly implicated Gurinder as the previous owner of these shell companies. And thereby the source of his liability. It was this period under Gurinder's ownership that these shell companies engaged in what the SEBI has determined legally to be fictitious and fraudulent behavior.
Now we see that Shivinder, over the last 3-5 months, is a new director at least two of the three shell companies that had the legal judgment of being guilty of fictitious and fraudulent behavior. And there have been resignations of the prior leaders, confirmed by the Ministry of Corporate Affairs of India.
Though those documents are not immediately available to view, they are listed as a "resignation of directors" PDF in 2018. We still see RSSB leaders as directors, but Gurinder family members are no longer listed, and Shivinder is now listed as a new director on each.
Last month The Hindu had a story, "Whistle-blower makes fresh charges in Fortis matter." Here's some excerpts relating to where the money went that the SEBI investigation determined was "fictitious and fraudulent."
Download Whistle-blower makes fresh charges in Fortis matter - The Hindu
The Fortis Hospitals matter, in which the Securities and Exchange Board of India (SEBI) ordered the company to refund over ₹400 crore in December 2018, has taken a new turn, with the regulator receiving a complaint alleging that the real beneficiaries of the money were some of the top officials managing different businesses of the Religare Group. Initially, the money was believed to have moved from the listed entity to a subsidiary and thereafter to three borrower entities.
In a letter submitted to SEBI on January 17, a whistle-blower has named brothers Gurpreet Singh Dhillon and Gurkirat Singh Dhillon, along with Sunil Godhwani and Sanjay Godhwani, among others, as the main beneficiaries of the fund transfer.
Mr. Sanjay Godhwani is the brother of Mr. Sunil Godhwani, the former chairman of Religare Enterprises. Mr. Gurpreet Singh Dhillon is the CEO of Singapore-based Religare Health Trusts. Both, Mr. Gurpreet Singh Dhillon and Mr. Gurkirat Singh Dhillon are sons of Shabnam Dhillon and Gurinder Singh, the head of Radha Soami Satsang Beas.
This assumes significance as the SEBI probe that was initiated in February 2018 was based on reports that the promoters of Fortis Healthcare took out ₹500 crore from the company.
The SEBI probe further found that Fortis Hospitals had given loans to three borrower entities – Best Healthcare, Fern Healthcare and Modland Wears. The ultimate beneficiaries of the three entities, as per the SEBI probe, were RHC Holding and Religare Finvest, with the former being controlled by Malvinder Singh and Shivinder Singh, the original promoters of Fortis Healthcare.
The whistle-blower, in the letter, alleged that an advance of ₹155 crore that Best Healthcare received was disbursed to the Dhillon brothers. Further, Modland Wears is also alleged to have transferred ₹133.36 crore to a few people, including the Dhillon brothers. Meanwhile, Fern Healthcare, which received ₹114 crore from Fortis, transferred the money to the Godhwani brothers and Dhillon brothers, among others.
So when we follow the money, the money trail leads right to Gurinder Singh Dhillon, his family, and his close associates. (Sunil Godhwani has been described as the guru's "right hand man.") A Live Mint graphic that I've shared before makes this clear.
Yet fervent fact-deprived defenders of Gurinder Singh Dhillon say he had no involvement in the SEBI financial fraud that, according to the whistle-blower, funneled money to Dhillon's sons and RSSB associates.
In September 2018 I wrote a blog post, "RSSB guru agrees to answer questions about his financial dealings." But I'm quite certain he never has. Most stories in the Indian financial press regarding the guru's financial follies say something like Questions directed to Gurinder Singh Dhillon were never responded to.
If Dhillon has nothing to hide, why is he so silent? Usually people who feel they've been accused of wrongdoing unjustly are eager to set the record straight. Maybe the RSSB guru has gotten advice from his lawyer to say nothing. Which makes sense, if he's guilty.
Lastly, the criminal complaint filed against Gurinder Singh Dhillon by Malvinder Singh contains a detailed list of loans extended to Dhillon and his family that appear to be separate from the fraudulent loans described in the SEBI investigation.
It sure seems strange that the RSSB guru keeps popping up in reports of serious financial wrongdoing. The amount involved, 1006 crore rupees, is about $144 million. This is an excerpt from the complaint.