Interesting news in the financial fraud case involving the Singh brothers and the guru of Radha Soami Satsang Beas, Gurinder Singh Dhillon.
Sunil Godhwani, who has been described by a RSSB insider as the personal treasurer and right-hand man of the Guru, was detained at the New Delhi airport by the Economic Offences Wing of the Delhi police.
Former Religare Enterprises chief Sunil Godhwani was stopped at Delhi Airport from flying overseas on Thursday. Godhwani has been taken into custody by Economic Offences Wing.
It is learnt that Godhwani was flying to the US to visit his son.
Sources aware of the developments told CNBC-TV18 that the Serious Fraud Investigation Office (SFIO) had issued a look out circular (LOC) against him.
A complaint was filed against Godhwani in the case of Religare Enterprises, which is under the scanner for alleged financial irregularities. Religare Enterprises Ltd (REL) and Religare Finvest Ltd (RFL) had filed a complaint against him.
In his submission to the MCA, Godhwani had claimed that the complaint is part of a conspiracy hatched by the current management out of their ulterior motive to cover up their nexus between the erstwhile promoters and the majority shareholder of the company.
In his petition filed with the National Company Law Tribunal (NCLT), former Fortis Healthcare promoter Shivinder Mohan Singh had alleged that elder brother Malvinder Mohan Singh and Godhwani together conspired to divert Rs 750 crore from Religare Finvest Ltd, Religare’s wholly owned subsidiary, and Rs 473 crore from Fortis Healthcare to RHC Holding Pvt Ltd.
Last week, founder of Jet Airways, Naresh Goyal and his wife Anita Goyal were stopped from leaving the country by the immigration officials at the Mumbai Airport. It is learnt that Goyals were travelling for London via Dubai. From Mumbai, they were to board an Emirates flight EK 507, which was going to Dubai.
The MCA had issued a look out circular (LOC) against Goyal and his wife after a fraud was detected at the airline, sourced told CNBC-TV18 on Monday.
The government has decided to tighten the noose around companies, promoters, directors involved in serious fraud and irregular transactions, said the sources.
The MCA will continue to issue more look out circulars to curb potential flight risk, added the sources, who did not want to be named.
This story fails to note that Malvinder Singh's criminal complaint names Godhwani as a co-conspirator with Gurinder Singh Dhillon and others in orchestrating the financial fraud that resulted in hundreds of millions of dollars being siphoned into the pockets of the Dhillon family from public companies once controlled by Godhwani and the Singh brothers.
Earlier this year it was reported that the Delhi police were investigating that criminal complaint, which, again, accused the RSSB guru and Sunil Godhwani of financial fraud (also, a death threat by Dhillon).
It looks like the Indian authorities are taking the various complaints in this saga quite seriously, since Godhwani has been stopped from leaving the country and apparently is being questioned.
It'll be interesting to see how all this unfolds. An Economic Times video about Godhwani's detainment describes this as a "Bollywood potboiler" involving a spiritual guru, among others.