Well, today there was another story in the Indian financial press about the Singh brothers' fall from riches and how their involvement with Gurinder Singh Dhillon, guru of Radha Soami Satsang Beas, has contributed a lot to the legal trouble they're in.
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The Indian Express story contains intriguing details about the involvement of the guru's wife, Shabnam Dhillon, in financial dealings that a criminal complaint filed by Malvinder Singh says were fraudulent.
Here's an image from the story that shows her connection to several shell companies that allegedly engaged in illegal transfers of money.
As you can read in the following excerpt from the story, Malvinder says that Prius Real Estate and Prius Commercial Projects engaged in a "wrongful loss" to RHC Holding.
In the image above, the blue boxes indicate companies where Shabnam Dhillon was a director until August 2016. Those include Prius Real Estate and Prius Commercial Projects.
It's hard for me to believe that she was the mastermind behind the shady financial transactions. But she could be held legally responsible, unless her husband, Gurinder Singh Dhillon, breaks his silence and admits that he helped orchestrate the fraudulent transfer of funds.
Here's the excerpt from the Indian Express story. I've boldfaced parts for emphasis. Rs 6,000 crore is about $863 million.
The ‘Baba’ Factor
Earlier this year, Malvinder filed a complaint with the Economic Offences Wing (EOW), pointing fingers at his younger brother and RSSB spiritual head, Gurinder Singh Dhillon, for causing “wrongful loss” to him and shareholders of RHC Holding.
Malvinder’s affidavit filed in the Supreme Court this year claims over Rs 6,000 crore in loans and advances are to be recovered from “various individuals and entities belonging/controlled/linked to a few major companies and individuals, not a party to the arbitral award”. These include companies like Prius Real Estate and Prius Commercial Projects, Sunil Godhwani as well as the RSSB head himself, it alleged.
Shabnam Dhillon, Gurinder Singh Dhillon’s wife, was a director in Prius Real Estate and Prius Commercial Projects until August 2016, shows the Ministry of Corporate Affairs (MCA).
“I say that these loans and advances have become due, however, due to the differences within the family, the recovery process for the same has been blocked… In order to further strengthen the recovery process, I have even initiated criminal proceedings against some of the borrowers who owe money to the judgment debtors before the Economic Offences Wing,” read Malvinder’s affidavit.
His EOW complaint alleges that Shivinder, along with Sunil Godhwani and Dhillon, conspired to “siphon” money from RHC and settle the Dhillon family’s debts and dues by absorbing them in RHC. This includes an alleged plan by the younger Singh to take over six companies, including Modland Wears, Best Healthcare and Fern Healthcare, “without initiating any financials and legal due diligence”. The EoW complaint further alleged that the six companies in question had extended loans exceeding Rs 1,000 crore to the Dhillon and Godhwani family.
Modland, Fern and Best — in which the MCA says Shivinder is a director — were involved in “fictitious and fraudulent” transactions of over Rs 400 crore withdrawn from Fortis through ICDs, according to the Sebi.
Malvinder claimed his younger brother signed a “family settlement” with Dhillon agreeing to “absolve” him of “any wrongdoing whatsoever and agreeing that no liabilities or legal proceedings or criminality would be attributable” to the RSSB chief under any circumstances.
Furthermore, Daiichi in 2018 alleged that the brothers had siphoned funds through a complex “web of companies”, to render its award, now valued over Rs 3,500 crore, a “mere paper decree”.