Why Gurinder Singh Dhillon is a lot like Donald Trump

Here in the United States we get "treated" almost every day to new revelations about wrongdoing committed by President Trump and his cronies. I put that word in quotes because it certainly isn't a treat to learn how badly the leader of our country has been behaving.

Somewhat similarly, the Indian financial press has been regularly reporting on the financial follies of the guru who heads up Radha Soami Satsang Beas, Gurinder Singh Dhillon. Being familiar with the legal dramas surrounding both men -- Trump and Dhillon -- I see these commonalities.

(1) True believers refuse to recognize facts. Trump's approval rating among his Republican base remains very high, though not among Democrats and independents. Because Trump has done some things they like, such as appointing two conservative justices to the Supreme Court, his base ignores Trump's likely illegal and certainly unethical actions.

Dhillon's devotees are even more inclined to turn a blind eye to his wrongdoing, since he's considered to be God in human form with supernatural powers. Like, saving their souls.

(2) "He hasn't been convicted yet" is a familiar refrain. People all around Donald Trump have been accused, and convicted, of lying to investigators. Also, there's plenty of evidence that Trump's associates had close times with Russians seeking to undermine the 2016 election and help get Trump elected. But Trump himself hasn't been indicted. As a sitting president, he may be immune from indictment.

Likewise, Gurinder Singh Dhillon has had a criminal complaint filed against him by his cousin, Malvinder Singh. The complaint alleges that Dhillon made death threats against Malvinder and engaged in massive financial fraud, aided and abetted by Malvinder's brother, Shivinder, and close associates of the RSSB guru such as Sunil Godhwani. 

But since the criminal complaint hasn't been adjudicated yet, defenders of Dhillon on this blog are fond of saying, "Innocent until proven guilty!" Well, of course. However, as noted below, there's plenty of evidence that Gurinder Singh Dhillon, his family members, and his close associates have engaged in financial fraud. Whether Dhillon will suffer criminal penalties is a question that remains to be answered.

(3) Ethical standards keep being lowered. Donald Trump is notorious for scoffing at important, yet unwritten, standards for how a President of the United States should behave while in office. Because he lies constantly and does shameful things on an almost daily basis, Trump is doing his best to redefine what counts as "ethical" for someone who inhabits the White House.

Similarly, Dhillon is a decidedly untraditional RSSB guru. He's devoted himself to amassing wealth through unsavory means. He has altered the RSSB teachings to suit his own purposes. He's embraced a lavish lifestyle for himself and his family. As you can read below, there's little or no doubt Dhillon has actively participated in financial fraud. Yet his followers excuse this bad behavior.

Now I'm going to share some comments from a well-informed frequent commenter on this blog, Spence Tepper. Tepper has been a hospital consultant for 30 years, so has the background to understand the complex financial machinations that have gotten Gurinder Singh Dhillon in such legal and ethical trouble.

Recently Tepper wrote a series of comments in response to questions and assertions made by other Church of the Churchless visitors. I found them clear and insightful. I also have quoted Tepper in a blog post, "Excellent summary of Gurinder Singh Dhillon's wrongdoing," 

There's very little doubt that Dhillon, his family, and his close associates have engaged in financial fraud.

All you have to do is combine the stories in the Indian financial press, the SEBI ruling referenced below, and Malvinder Singh's criminal complaint. This graphic from a LiveMint story shows facts that appear to be indisputable, being based on solid investigations by SEBI (Securities and Exchange Board of India) along with other reporting. I've included the graphic so readers can cross-reference the names of companies mentioned below in Tepper's comments with the money shown above that flowed to the Dhillon family from Fortis via those companies.

I want to point out that the LiveMint story, "Fortis fraud may exceed ₹2,000 crore, says SFIO," talks about the amount of money involved here being markedly higher than the ₹403 crore cited in the SEBI ruling. SFIO stands for Serious Fraud Investigation Office. Excerpt:

The alleged funds diversion at Fortis Healthcare Ltd could add up to more than ₹2,000 crore [$285 million], 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.

Here's the first comment from Spence Tepper. With each of his comments, I've corrected a few typos and left out the name of the person he was responding to.

You ask "Have actual documents been cited and examined by signatories and accredited financial experts?" Yes. Fortis has an independent accountant, as per legal requirements for a publicly held company, Deloitte. They refused to sign off on Fortis' annual statement, citing impropriety in the siphoning of funds which they had discovered.

Fortis engaged law firm Luthra and Luthra who then subcontracted with another accountancy, Grant Thornton Co., who confirmed and followed the loans to their destination. They were signed at Fortis by Malvinder and Shivinder, and by the loanee company principles (Shabnam Singh, Gurinder's wife, and other members of the Dhillon family).

Then the SEBI got involved, and confirmed these went with signed consent promising repayment, as zero collateral loans, to the Dhillon family companies.

And now the crime wing of that bureau is in the midst of their own investigation as well. But in October of last year, the Securities and Exchange Board completed their preliminary review, concluded that this was fraud, and further, ordered the Singh Brothers and the Dhillon-led companies to pay up quickly, or risk severe penalty.

--------------------------

"SINGH BROTHERS, OTHERS ASKED TO REPAY RS 403CR TO FORTIS Wed, 10/17/2018 - 11:48 EDT - The Economic Times RDF10 NEW DELHI:

In a potential blow to former Fortis Healthcare promoters Malvinder and Shivinder Singh, the Securities and Exchange Board of India (SEBI) has directed the brothers and eight entities related to them to repay the hospital group over Rs400 crore that were earlier transferred as inter-corporate deposits.

SEBI's order on Wednesday, which came following a preliminary investigation into alleged diversion of funds from Fortis by the Singhs, has found these transactions to be "fraudulent" in nature.The regulator has sought a detailed investigation into the modus operandi of the entire fraud by way of which funds were allegedly diverted from Fortis to its promoters and also said that other third parties such as banks and auditors would also come under the purview of such investigation.

SEBI, in its interim order, has issued directions to Fortis to "take all necessary steps" to recover Rs403 crore [about $58 million] along with due interest within three months from the Singhs and entities controlled by them, including RHC Holding Pvt Ltd, Religare Finvest Ltd, Shivi Holdings Pvt Ltd and Malav Holdings Pvt Ltd.

The regulator has also clarified that the Singhs and these entities will jointly and severally repay this amount to Fortis within the stipulated time. Pending completion of SEBI's investigation and till further order, the Singhs and these eight entities shall not dispose of or alienate any of their assets or divert any funds, except to repay Fortis and for meeting expenses of day-to-day business operations, without SEBI's prior permission.

The Singhs have also been directed not to associate themselves with the affairs of Fortis "in any manner whatsoever, till further directions," stated the order.

SEBI began investigating the transactions in February following a news report that stated that the brothers had withdrawn close to Rs 500 crore from Fortis without the board's prior approval. According to its order, the regulator found that Fortis, through a subsidiary, had made ICDs of over Rs470 crore to three companies.

SEBI's order noted that the ICD transactions entered into by Fortis with the three entities - Best Healthcare, Fern Healthcare and Modland Wears - between 30 June 2016 to 30 June 2017 were "prime facie fictitious and fraudulent in nature". https://www.bullfax.com/?q=node-singh-brothers-others-asked-repay-rs-403cr-fortis

------------------------

Fraud by Gurinder and the Singhs has ALREADY been established by the Bureau. They have been given a small window to pay up, or suffer further legal action.

Here's Tepper's second comment:

The article I cited above detailed the order given by the Securities and Exchange Board of India. This is their legal ruling. 'Fictitious and Fradulent' is their legal judgment after several months of review of the loans between the Singhs and Gurinder's companies.

And their order for both to repay Fortis now is a legal judgment, holding both culpable.

According to Wikipedia "The Securities and Exchange Board of India is the regulator for the securities market in India. It was established in 1988 and given statutory powers on 30 January 1992 through the SEBI Act, 1992" And you may learn more about the legal powers of the SEBI here: https://www.sebi.gov.in/powers-and-functions.html

They have the legal power to search and seizure, to hold hearings, tender judgment, as well as to levy severe penalties, and they have done so already. Guilty.

Gurinder's companies and the Singhs in their loan transactions using Fortis money are found to be guilty of activity that was... "Fictitious and Fraudulent." They are both responsible and are both ordered to repay the loans now or suffer severe penalty. And in addition Fortis is ordered to aggressively pursue repayment from both the Singhs and Gurinder's companies.

Here's Tepper's third comment:

I have only cited the SEBI legal judgment and order. I think we can leave judgment to the government body responsible to make such legal judgments and penalties. They have already done their job. Legally, Gurinder is guilty and responsible. But as Gurinder has not come to the hearings, not offered his position, nor paid back the loans, the courts will likely be next. But as to guilt, that has already been established by the governing body responsible. Verdict? Guilty.

Here's Tepper's fourth comment:

Yes I think there is more to the story, certainly. But that can only explain why they engaged in fraud repeatedly, and who the actual actors were. With Dhillon family members involved at every step, the owners of the company are rightly responsible to repay the loans, Shabnam and Gurinder as owners share in that.

This wasn't just a one time accident, but a systematic series of decisions and actions. Baba Ji may not have known. But over years of time, any decent human being would have taken actions to stop the crimes and make every effort to make up for the harm done, to repay the loans.

It takes a true decent human being to step in and stop criminal activity among family members even when that includes taking responsibility for their crimes. But that hasn't happened here. We don't know the inner workings. We may never know.

But we do know that several fictitious shell companies where Gurinder's wife is the principle officer, and where Gurinder and his sons also are owners, engaged in fraud to the tune of hundreds of millions of dollars, they were given three months to repay and have remained silent and unresponsive.

When you take profit from an investment you own, you have responsibility for any damage to others that ensues. The responsibility has already been assessed by the agency responsible to do so. That's already done. Guilty of fictitious and fraudulent business deadlines.

And here's Tepper's fifth comment:

This is all we know so far : Several Gurinder owned companies are guilty according to the legal judgment of the SEBI of fictitious and fraudulent business dealings. The evidence for the judgment involves hundreds of millions of dollars over a series of systematic frauds engaged in by fictitious shell companies owned by Gurinder and his family. Nothing else can be concluded at this time.

Comments

[Spence Tepper]

Thank you Brian for the link to the SEBI initial audit results. Interesting reading...

https://www.sebi.gov.in/enforcement/orders/oct-2018/order-in-the-matter-of-fortis-healthcare-limited_40755.html

"FHsL [Fortis] has entered into multiple structured transactions over a period starting from June 30,2016 till June 30, 2017, which were prima facie fictitious and fraudulent in nature.These pertained to various ICDs granted by FHsL to Best, Fern and Modland, which were shown to have been squared off at the end of each of the following quarters....."
.....
"However, in reality, the ICDs were not squared off but were fictitiously and fraudulently shown to have been repaid through a structured movement of funds between FHsL and the borrower companies at the end of each quarter to give rise to an accounting fiction that the payment due for all the ICDs has been received. "
.....
"For example... From the above table, it is observed that FHsL and Best have rotated funds through multiple cheques of Rs.30 crores each which were cleared by the bank in the account of both FHsL and Best on the same date. It is also observed that though the actual movement of funds (both inflow and outflow) between FHsL and Best had taken place only on 01/07/2017, FHsL, has fraudulently backdated all the inflow transactions (gross receipts) to 30/06/2017 in its books of accounts, by showing them as repayments received from Best. Further, it is seen that though an amount of Rs.30 crores was moved back and forth multiple times to show that the principal amount of Rs.150 crores was repaid by Best to FHsL on 30/06/2017 and thereafter Rs.155.07 crores was again given by FHsL to Best on 01/07/2017 as fresh ICD/loan, the whole exercise was a sham transaction with no real transfer of funds "
....
" Similar modus operandi of executing the structured transactions was noticed between FHsL and the 3 borrower companies (Best, Fern and Modland) for all the above mentioned five quarters during April 01, 2016 to June 30, 2017."

This was more than bad loans. This was a cooperative effort among Shivinder, Malvinder and the Gurinder family owned and run companies to write checks back and forth in order to fictitiously create an accounting scam that would look as though these loans had been repaid when they haf not. These were corporate robberies.

[Brian Hines]

Spence, yes, I read that the money would flow out of Fortis to the shell companies just after the beginning of a quarter, then the money would be paid back just before the end of the quarter. So it wouldn't show up on the Fortis books.

This fraud came to an end in 2017, I recall, when for some reason the money couldn't be repaid. Then the fraud became obvious to auditors. Maybe the Dhillon family's real estate investments went so bad, they couldn't keep on shuffling money around.

[Spence Tepper]

Hi Brian
I was operating under the presumption that these were loans the Dillons couldn't repay and so Malvinder and Shivinder were covering for them. But now reading the details I understand that the shell companies were actively participating in the fraud, at least as long as they had a bank balance they could maintain for the two days in which their check would be cashed, to look like they had repaid, until they would receive another larger check with a new installment of fraudulent money the next day.

As you suggest, perhaps at some point they could not maintain even that balance. But who knows how many years this actually went on? Only five quarters were audited, where clearly the balance sheets showed a variance. And prior to that all the loans would have appeared to have been paid through this scheme of fictitious payments. We only know of the moneys they could not repay, not necessarily the moneys that were successfully siphoned and then "squared" in the cooked books.

[Dungeness]

As you can read below, there's little or no doubt Dhillon has actively participated in financial fraud.

Little doubt? Do you mean Gurinder alone or did you slip and
forget Shabnam and their sons?

You quoted:
"But we do know that several fictitious shell companies where Gurinder's
wife is the principle officer, and where Gurinder and his sons also are
owners, engaged in fraud to the tune of hundreds of millions of dollars,
they were given three months to repay and have remained silent and
unresponsive."

Yet his followers excuse this bad behavior.

Are you talking now about grievous heresies such as being an
"untraditional RSSB Guru', "altering the teachings", "amassing
wealth through unsavory means"?

Aside from the well-document current scandal, what unsavory
financial things in the past is GSD guilty of? Or is it just "bad
optics" for RSSB heads to be rich?

I think followers -die-hards and skeptics both- are just reluctant
to leapfrog to conclusions at this point without knowing more,
without credible evidence or indictments that target specific
corporate officers... even as much as we may want Trump or
GSD in jail. Whether anyone believes Malva or not, his criminal
complaints, including the "death threat" tape, are as yet
unsubstantiated.

[Osho Robbins]

@spence
You wrote
Fraud by Gurinder and the Singhs has ALREADY been established by the Bureau. They have been given a small window to pay up, or suffer further legal action.

I cannot see where gurinder has been shown to have committed fraud.

Please cut and paste the actual statement where he has been accused and ordered to repay.

You keep saying it is in the links.

In have looked and I can't see it.

I might have missed it, so please copy and paste.

Otherwise you are making false allegations and I might move to have you indighted ( not much chance as i can't even spell the word)

[Arjuna]

@ Osho - it’s a “witch-hunt” and “fake news”.

That’s all there is to say.

Regards

Arjuna

[Brian Hines]

Dungeness, I invite you to read the recent comments from Spence Tepper relating to the Dhillon "crime family" wrongdoing in the Fortis scandal that are on another post. You're wrong that there isn't solid evidence implicating the RSSB guru, his family, and close associates in massive financial fraud.

Here's several of the comments:
---------------------------
Osho, you will notice if you review the current directorship information on line that RSSBs Rajveer Singh remains one of the directors of all three companies, and that in the last three months Shivender has become a director as well at Fern and Modland Wears.

This supports Movinder's claim that Shivender has now stepped in to assume the liability of these shell companies, and is in the process of doing so. While the current owners have changed hands the guilty judgment was for the fictitious and fraudulent behavior at the time under Gurinder family control.

Therefore, if Shivinder is going to protect Gurinder from liability by assuming ownership of the companies, the only way to pursue redress of grievance will be criminal prosecution of the recipients of the loans. And that all goes back to Dhillon family and friends. Movinder's claim has evidential support in Shivender 's new directorships of these fraudulent shell companies.

But what would have been a penalty slap on the wrist by SEBI has become inflated by Baba Ji's decision to escape liability, into what is now a criminal investigation into the recipients of the loans... The Dhillon-RSSB family.
---------------------------
These companies have been further implicated more recently in the current crimes division investigation

"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.

This is independent of the ₹1,006.3 crore allegedly provided by Fortis and Religare Enterprises Ltd, another company controlled by the Singh brothers, to the six promoter-related entities. The funds belonged to shareholders of Fortis and Religare, among others. The six companies are Best Healthcare Pvt. Ltd, Devera Developers Pvt. Ltd, Fern Healthcare Pvt. Ltd, Modland Wears Pvt. Ltd, Adept Creations Pvt. Ltd and Green Line Buildwell Pvt. Ltd.

This came to notice during an assessment, as Malvinder Singh claimed in his complaint, conducted after an audit found these companies under heavy debt. Malvinder Singh claimed his brother Shivinder connived with Dhillon to sell these firms to RHC, thus putting more strain on the holding company."

(Dhillon family ownership....)

" Malvinder Singh added that the companies were acquired without any legal due diligence, execution of agreements and any check on their businesses.

"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."

The above cited from...
https://www.livemint.com/companies/news/fortis-fraud-may-exceed-rs-2-000-crore-says-sfio-1550522937932.html
--------------------------------
"According to the financial statements of these companies reviewed by Mint, ₹430 crore was received by Best Healthcare from Fortis and Religare group while ₹207.15 crore was advanced to Dhillon’s sons Gurpreet and Gurkirat Singh Dhillon.

An additional ₹287 crore loan was extended to the Godhwani and Dhillon families out of the ₹496 crore received from Fortis and Religare by Fern Healthcare.

A sum of ₹223.15 crore was also advanced to the Dhillon family by Modland Wears, ₹152 crore by Adept Creations and ₹8 crore by Rosestar Marketing Pvt. Ltd (cross holding with Green Line)."

https://www.livemint.com/companies/news/fortis-fraud-may-exceed-rs-2-000-crore-says-sfio-1550522937932.html

[Dungeness]

Dungeness, I invite you to read the recent comments from Spence Tepper relating to the Dhillon "crime family" wrongdoing in the Fortis scandal that are on another post. You're wrong that there isn't solid evidence implicating the RSSB guru, his family, and close associates in massive financial fraud.

Understood. You've cleared up my confusion over the use of
"Dhillon" without a clarifying "crime family".

[Osho Robbins]

@spence
you wrote:
"Osho, you will notice if you review the current directorship information on line that RSSBs Rajveer Singh remains one of the directors of all three companies, and that in the last three months Shivender has become a director as well at Fern and Modland Wears.

This supports Movinder's claim that Shivender has now stepped in to assume the liability of these shell companies, and is in the process of doing so. While the current owners have changed hands the guilty judgment was for the fictitious and fraudulent behavior at the time under Gurinder family control."

I have just checked - and what you say is not true.

Where exactly are you getting your information from.
You write as if you KNOW - yet when I check your information - it turns outo to be FALSE.

here's the FACTS:
taken from the actual company FERN HEALTHCARE PRIVATE LIMITED

SHIVINDER MOHAN SINGH : Director since 1999
(You said he just joined a few months ago - FALSE) - if you don't know - why on earth do you make that statements as if they are fact?

now let's look at the resignations.
here are ALL the resignations since 2010:

1. Ruby GurdipSingh Gabadia: appointed March 2012 resigned Feb 2014
2. Rana Gill appointed Feb 2014 resigned March 2017
3. Deepak Poswal appointed March 2012 resigned jan 2016

That's it - so nobody has resigned recently.

I don't know who these people are - i don't have that kind of info.

but what it does show is that Shivinder did not join a few months ago like you suggested

[Spence Tepper]

Hi Osho
For Modland wears, founded in 1991..
"
The longest serving director currently on board is Shivinder Mohan Singh who was appointed on 24 September, 2018. Shivinder Mohan Singh has been on the board for 5 months. "

https://www.tofler.in/modland-wears-private-limited/company/U70200DL1991PTC044907

[Spence Tepper]

And for Fern Healthcare
"Fern Healthcare Private Limited is an unlisted private company incorporated on 30 January, 1984. The registered office of the company is at Ground Floor, A-Wing, D-3, District Centre, Saket,, New Delhi, South Delhi, Delhi.

The total paid-up capital is INR 18.24 cr.

The last reported AGM (Annual General Meeting) of the company, per our records, was held on 30 September, 2017. Also, as per our records, its last balance sheet was prepared for the period ending on 31 March, 2017.

The company has 1 directors and 1 reported key management personnel.

The longest serving director currently on board is Shivinder Mohan Singh who was appointed on 24 September, 2018. Shivinder Mohan Singh has been on the board for 5 months.

Shivinder Mohan Singh has the largest number of other directorships with a seat at a total of 24 companies. In total, the company is connected to 23 other companies through its directors."

https://www.tofler.in/fern-healthcare-private-limited/company/U85110DL1984PTC192009

[Pj2000]

Brian.....is like Wolf Blitzer....nothing new to say.

[Spence Tepper]

Hi Osho

Modland Wears filed a declaration of new Director, listed on the Ministry of Corporate Affairs India site as

"Declaration of Apointee Director, Managing Director, in form number Dir-2: 13102018"
dated 13/10/18

And shortly after filed a notice of resignation in 2018, listed on the Ministry of Corporate Affairs India site as
"Notice of Resignation Filed With The Company - 10112018"
dated 10/11/18

And on this same date a discharge of company ownership
"Proof of Dispatch-10112018"
dated 10/11/18

And we find the same for Fern Healthcare

"Declaration of Apointee Director, Managing Director, in form number Dir-2: 13102018"
dated 13/10/18

"Notice of Resignation Filed With The Company - 10112018"
dated 10/11/18

And on this same date a discharge of company ownership
"Proof of Dispatch-10112018"
dated 10/11/18

Note the identical dates, please.

[Osho Robbins]

Arjuna is right. Spence is on a witch hunt desperately trying to prove gurinder guilty.

Spence, you cannot substantiate the statements you are making.

Its guesswork and some of your guesses are right and some are wrong.

[Osho Robbins]

https://www.zaubacorp.com/company/FERN-HEALTHCARE-PRIVATE-LIMITED/U85110DL1984PTC192009

Check out the directors here.

[Spence Tepper]

Yes Ilsnovitch, with the cooperation of those companies in their scheme which at the time were independent of the Singhs run by Gurindar family / RSSB leaders, and to benefit RHC where the Singhs and the Dhillon share the vast majority of that company.

[Spence Tepper]

Who benefited? Follow the money.
"According to the financial statements of these companies reviewed by Mint, ₹430 crore was received by Best Healthcare from Fortis and Religare group while ₹207.15 crore was advanced to Dhillon’s sons Gurpreet and Gurkirat Singh Dhillon.

An additional ₹287 crore loan was extended to the Godhwani and Dhillon families out of the ₹496 crore received from Fortis and Religare by Fern Healthcare.

A sum of ₹223.15 crore was also advanced to the Dhillon family by Modland Wears, ₹152 crore by Adept Creations and ₹8 crore by Rosestar Marketing Pvt. Ltd (cross holding with Green Line)."

https://www.livemint.com/companies/news/fortis-fraud-may-exceed-rs-2-000-crore-says-sfio-1550522937932.html

[Arjuna]

@ Osho - I am more concerned about his state of mind (Spencer).

A inner master being perfect and the outer not.

[Spence Tepper]

Hi Osho
Yes the two different websites list different information.
The one you cite indicates Fern began as an entity of Ranbaxy hence Shivender's long standing relationship.

But to be independent as confirmed by the SEBI audit, in order to siphon funds, they had to become a non - interested party at some point. And we know that the Dhillon family with the Singhs were and are the major owners of RHC, who received the bulk of the stolen funds.

The Ministry of Corporate Affairs lists the changes I cited above in 2018, the resignations, the new directorship, and the discharge of company assets, but the Zaubacorp website doesn't.

We don't know enough yet to place full responsibility onto specific individuals. But we do know legally, crimes were committed by the conjoint efforts of these parties and shell companies. And at a corporate level, guilt has already been established legally by the SEBI.

We know the corporations involved, and we know who received the stolen monies. And the latter has already been proven to include Gurinder's family members. Receiving stolen goods is a crime, especially when it happens over and over and over again.

That's as far as we can go today. But the fact remains, and had been established by SEBI legally this was Fradulent. This includes efforts from the shell companies in concert with the Singhs to fictitiously report that the loans had been repaid when they actually had not: Money accepted by Dhillon family members,. This establishes this was fraud, repeatedly. Corporate robbery.

The evidence of Corporate fraud and falsification of financial documents has already been legally determined and the companies are guilty. And Gurinder's family along with the Singhs, has benefited. And RSSB leaders still share directorships at those companies, now with Shivinder.

What remains hidden is reestablishing legally who was on those boards before they resigned in 2018. Although Malvinder indicated these where Gurinder's shell companies to sell.

If they do not repay it is a small matter to prove at least criminal negligence on the part of those who received the stolen monies.

To prove criminal intent is a more difficult go.

Your effort to claim this wasn't fraud has already been disproven by the SEBI judgment.

Whether we have criminal intent will be necessitated only if payment is not received. But these were corporate robberies that have severely wounded Fortis' ability to keep their hospitals open, and Gurinder's immediate family has benefited to the tune of dozens to hundreds of millions of dollars.

[Osho Robbins]

Spence writes:

We don't know enough yet to place full responsibility onto specific individuals. But we do know legally, crimes were committed by the conjoint efforts of these parties and shell companies. And at a corporate level, guilt has already been established legally by the SEBI.

We know the corporations involved, and we know who received the stolen monies. And the latter has already been proven to include Gurinder's family members. Receiving stolen goods is a crime, especially when it happens over and over and over again.

Spence, gurinder is not named. Have you seen his name anywhere in the report?
No

Here's why.

The Singh brothers used corporate funds. As director, there is a level of responsibility to act for the shareholders. They did not.

If they "gave" the money to a different company, they need to explain why.
That receiving company does not become guilty of a crime.
There may be a valid reason for the money transfer. There may be an agreement in place.

You seem to think it is some form of robbery.
It is not.

You and any outsider is not in a position to say. You dont have the information. You are guessing.

The Singh brothers have been asked to return the money because they mis-used the funds.

That is what the sebi report states.

You are falsely accusing gurinder of a crime. The sebi report does not state that. You do.

You need to come down from your high horse and admit you are not the final authority.

I am not saying that gurinder and family did not benefit financially from this.

They clearly did. But that is not a criminal offence except in your mind.

I am also not saying that gurinder does not have a moral duty to return the money. I am saying that you are going too far in making him out to be a criminal. That is your opinion.

Please separate your opinion from what the report says.

You have already stayed you want him behind bars.

Fortunately you are not the judge.

Brian seems to think you have some specialized knowledge in the area just because you have a background is hospital work. How that qualified you to understand corporate affairs and criminal law is beyond me.

I am not in favour of grinder, I am not his disciple. But equally I have nothing against him either.

Clearly you are against him and it comes out in your statements.

I am neutral. I have previously stated that I was not in favour of the rssb position with regards to the babani incident. At that time you was on gurinder's side claiming the babani story was heresay.
Now you are taking an actual sebi report and reading into it what is not there.

[Osho Robbins]

Spence,
Not paying back money is not a criminal offence.

The Singh brothers paid out money.

THEY, and not gsd, have been ordered to refund the money.

How they get it is their business.

The company just wants the money back.

Let me make this real simple.

If I am the director of a public company and I send you money.
You are not guilty of any crime.
I have to account for that money.

I can't blame you and say you robbed me.

I am liable to the company because I sent the funds.

The company can take action against me.

I in turn can sue you.

The company cannot sue you directly.

That is why malvinder has preempted the sebi report to get ready to counter sue.

[Osho Robbins]

Ilanovitch is right.
You seem very keen to mention
"Criminal, robbery, etc"
Perhaps because the inner master has fallen out with the outer one and wants revenge. I can't see any other reason.

Maybe this can be made into a movie
Called
Battle of the inner and outer master.

[Spence Tepper]

Hi Osho
I'm sorry but you seem to have skipped over the SEBI audit cited earlier that demonstrated the shell companies participated in writing false payment checks timed with the Fortis book keeping system to make it appear they had made their monthly payment without actually doing so, contingent upon receiving that amount in another check received that day from the Singhs. But the Singhs backdated the RSSB shell company to the prior day, the last day of the financial period.

Bottom line, a lot of checks were written curculating a single payment as if these were multiple payments. This is what the SEBI audit refers to when they have determined that records were falsified. It was with the collaboration of the shell companies, and entirely illegal.

[Spence Tepper]

... And this is why the activities the shell companies was deemed fraudulent and fictitious, and they were also ordered to make payment under threat of penalty.

[Spence Tepper]

No Ilanovitch

The SEBI does not call them unpayed.

They intervened with a judgment. Of illegal, fraudulent and fictitious activity.

Their words, not mine.

My words are Corporate Robbery.

[Spence Tepper]

And who walked away with the bag of stolen goods?

Who benefited? Follow the money.
"According to the financial statements of these companies reviewed by Mint, ₹430 crore was received by Best Healthcare from Fortis and Religare group while ₹207.15 crore was advanced to Dhillon’s sons Gurpreet and Gurkirat Singh Dhillon.

An additional ₹287 crore loan was extended to the Godhwani and Dhillon families out of the ₹496 crore received from Fortis and Religare by Fern Healthcare.

A sum of ₹223.15 crore was also advanced to the Dhillon family by Modland Wears, ₹152 crore by Adept Creations and ₹8 crore by Rosestar Marketing Pvt. Ltd (cross holding with Green Line)."

https://www.livemint.com/companies/news/fortis-fraud-may-exceed-rs-2-000-crore-says-sfio-1550522937932.html

[Osho Robbins]

Yes, Spence, but its specifically against malvinder and shivinder. They are required to make good.

[Osho Robbins]

And who walked away with the bag of stolen goods?

There were no "stolen goods"

Show me where the report uses the words "stolen" or "robbery"

The Singh brothers misused their powers and acted fraudulently.

Perhaps they had an "under the table" agreement with the dhillon family. After all nobody just hands over money for no reason.
It appears they fell out and then nobody covers for each other anymore.

Its a chess game after that.

Chess is a game of unspoken threats.
"Sure you can take my knight, but I will take your rook" pawns get sacrificed for the bigger cause.
Chess is not a game of morals. Its a war.

[Spence Tepper]

No Osho, again you are incorrect.
The liability involves every corporate entity, including the shell companies, and their management, asking with Religare holding and four other shell companies and their management.

The. SEBI ruling orders all the above to pay the falsely and fraudulently obtained funds immediately.

All those parties in management roles.

Since that isn't happening the crimes wing of the bureau has begun their own investigation, which has already shown the size of the illegally obtained monies to be much much larger than those fortis loans.

Now what was just a penalty will become a criminal proceeding, much like Enron, to restore investor confidence in India 's stock exchange. The market grows more and more tenuous as these matters continue to unfold unresolved.

[Arjuna]

@ Spencer - calm down mate. Nothing is going to happen to the big man. 😀

You are creating some very bad sin buddy.

Enjoy the eggless cake 🍰

[Arjuna]

Now he is an expert on Enron lol

[Osho Robbins]

Spence
Then explain why there is no arrest warrant against gsd or family

As according to you they are convicted criminals

[Osho Robbins]

Spence
You don't know the law.
And its not your problem, thank God

Let sebi do their work.

They have ordered the Singh brothers to make good.

Did you see any mention of any other person they ordered ?

Sure the companies are mentioned.
But they have multiple directors.

You need to get off the absurd notion that gurinder is a criminal

Stop listening to your inner master as he is deluded

[PJ]

@Spence

"But now reading the details I understand that the shell companies were actively participating in the fraud, at least as long as they had a bank balance they could maintain for the two days in which their check would be cashed, to look like they had repaid, until they would receive another larger check with a new installment of fraudulent money the next day."

So that's how it's done.

[spencer Tepper]

Hi Osho!
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 care is now in jeapardy?

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.

[jay]

Indeed, the Gurinder controversy is a lot like Donald Trump's, in that the media keeps promising that the bombshell evidence linking Trump to collusion with criminals is just around the corner. We've been told that for the last 2 years. The only difference seems to be that Charan initiates have been telling us that Gurinder is a bad guru for the last 20 years, yet we're still waiting for a court decision that convicts this guru of overt wrongdoing.

[thecoldmaster]

you all keep speaking of gurinder singh dhillon not being a fraud or not meaning harm....the reality is that i have proof of him borrowing money and then not repaying it. and then JC sethi, godhwani and shivi and the bhojwani's helping run the con. what say to that.

i am happy to point the documents my friend has to this site - but it's clear that Gurinder was running a scam and a ponzi at the same time. After all why has Gary his son suddenly resigned from RHT after RHT got the money from Forits.

[Radh(er Not) Soami]

@ "thecoldmaster"
What documents do you speak of? "helping run the con"? Are you talking about the same docs that have already been linked and/or posted here?

[In Search Of]

I agree. If you have some documents to shed further light on this than already stated in this blog, or for that matter in the Indian news, I think we'd all like to see it. Anything to corroborate the news out there would be appreciated.

[In Search Of]

In reference to Gurpreet (Gary) Dhillon resigning, here's the Business Times artcile from Feb 25, 2019:
"RHT Health Trust Manager, as the trustee-manager of RHT Health Trust, announced on Monday a reconstitution of the trust's board.
The move followed the completed sale of the trust's entire portfolio of healthcare assets to its controlling unitholder Fortis Healthcare for about S$895.55 million. The sale was completed in January.
The members of the board have, from Monday, stepped down. They are: Vivek Mehra as non-executive chairman and independent director; Eng Meng Leong as independent director; Sydney Michael Hwang as independent director; Yogendra Nath Mathur as lead independent director; Peter Joseph Seymour Rowe as independent director; Daljit Singh as non-independent non-executive director; and Gurpreet Singh Dhillon as executive director."

[Radh(er Not) Soami]

Since You Aren't a Sadhu Anymore, Start Thinking About Money, SC Tells Former Fortis Promoter
https://www.news18.com/news/business/since-you-arent-a-sadhu-anymore-start-thinking-about-money-sc-tells-former-fortis-promoter-2066259.html

When the sparring brothers showed up on Thursday, senior lawyer Fali S Nariman, representing Daiichi, pointed out that while Malvinder claims is trying to pay off all debts, Shivinder says he has become a sadhu.

Interacting with Shivinder, CJI Gogoi said: "You are telling us that you have nothing to do with business anymore and that your brother is looking after it since you have renounced the world. If you have a debt to pay, your renouncing the world wouldn't matter to us." At this, Shivinder's lawyer PS Patwalia submitted: "Mr Shivinder has come back to the world in December 2017."

"Oh! That's good. Now that your lawyer says you've come back to the world, start thinking about money," retorted the CJI.

[Radh(er Not) Soami]

The excerpt I copied above seems almost like from a Bollywood movie!

SEBI has issued another order; this time based on Religare businesses (previous findings were re: Fortis' missing ₹473 crore, which is likely to be revised to >₹2,000 crore):
Sebi finds diversion of ₹2,315 crore from two Religare firms to Singh brothers.
https://www.livemint.com/companies/news/sebi-finds-diversion-of-2-315-crore-from-two-religare-firms-to-singh-brothers-1552577351236.html

"The Securities and Exchange Board of India, or Sebi, in an order passed on Thursday found that funds to the tune of ₹2,315 crore were diverted from the books of Religare Finvest Ltd and Religare Enterprises Ltd towards the benefit of erstwhile promoters namely Shivinder and Malvinder Singh.
...
The 24-page order highlighted the role of 21 entities or companies that have been used in the alleged routing of these funds. Some of these companies at the centre are interestingly the ones that were involved in ₹473 crore of fund diversion from Fortis Hospitals, according to Sebi order in December.
...
The recorded recipients of funds were merely a facade for REL’s promoters and their agents," said Mahalingam citing the allegation against the companies."

[Radh(er Not) Soami]

EconomicTimes writes: "The markets regulator ordered REL and RFL to initiate steps to recall all the loans extended either directly or directly [sic] to 22 entities including OSPL Infradeal, Bharat Road Network, Shivi Holdings, Malav Holdings, Malvinder Singh and Shivinder Singh, along with due interest, within three months.
...
In an order on Thursday, Sebi said that REL, RFL and seven other entities had indulged in diversion of funds to the tune of around Rs 2,315 crore from RFL for the ultimate benefit of the promoters and their related entities, in a fraudulent manner. “A detailed investigation of the fund diversion in this case is necessary to find out the role of each entity in the alleged routing of funds,” Sebi said in its order.
...
In order to find the ultimate utilisation of funds of RFL, the entire transactions in the bank accounts of the companies and the promoter/ promoter connected entities needed to be examined in detail from FY2008-09 to FY2017-18, Sebi said.

Read more at:
//economictimes.indiatimes.com/articleshow/68414339.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

[Radh(er Not) Soami]

Here are the 21 entities (from BloombergQuint):
"Apart from the Singh brothers, the loans have to be recalled from 21 other entities.
The other entities are:
OSPL Infradeal
Bharat Road Network
Platinum Infrastructure
Ad Advertising
Artifice Properties
Best Health Management
Devera Developers
Vitoba Realtors
Fern Healthcare
Modland Wears
Rosestar Marketing
Star Artworks
Tripoli Investment & Trading Co
Volga Management and Consultancy
Zolton Proerties
Religare Comtrade
RHC Holding Ranchem
ANR Securities
Shivi Holdings
Malav Holdings.

Read more at: https://www.bloombergquint.com/law-and-policy/sebi-asks-two-religare-firms-to-recall-loans-worth-rs-2300-crore-from-singh-brothers-21-others#gs.1im6fp
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