As has been evident to those of us who have been following the saga of the Singh brothers and Gurinder Singh Dhillon (the guru of Radha Soami Satsang Beas), the trail of money that was fraudulently siphoned out of public companies is leading right to Dhillon's pockets.
Here's a Business Today story that someone told me about today. It's short, so I've copied it in below. I couldn't resist boldfacing the parts that point to Dhillon's legal culpability in this financial mess.
I've been wondering how long it would take until investigators in India would focus on the ultimate beneficiaries of the massive amount of money (about $332 million) this story says was diverted from Religare.
It's been widely reported that the Dhillon family used that money to invest in real estate deals that went bad, but so far the focus has been on Malvinder and Shivinder Singh, Sunil Godhwani, and others who orchestrated the fraudulent loans that ended up in shell companies controlled by Gurinder Singh Dhillon, his family, and close associates.
So it's good to see that Sheetal Talwar and his attorneys are telling SEBI, the Securities and Exchange Board of India, that the RSSB guru was the beneficiary of most of the illegally diverted $332 million, which means, almost certainly, that Dhillon also was part of the conspiracy to siphon off those funds from Religare.
NRI film producer Sheetal Vinod Talwar has submitted to Sebi that Radha Soami Satsang chief Gurinder Singh Dhillon and his family allegedly benefited the most from Religare's Rs 2,300 crore fund diversion. Sebi's forensic audit via probe agency MSA Probe Consulting had identified diversion worth Rs 2,315.09 crore.
Talwar's Vistaar Entertainment and Religare Enterprises were partners in India's first SEBI-registered film fund - Vistaar Religare. Earlier, in March, Talwar had approached the Economic Offences Wing of Mumbai alleging he was threatened with life after his lawyers pursued repayment of $1.25 million paid supposedly towards Dhillon's treatment abroad.
Talwar has told Sebi that even though its Religare investigation via forensic audit firm MSA concluded fund diversion and large scale irregularities and illegalities, the probe did not lift the corporate veil to disclose the ultimate beneficiaries of the diversion.
Advocates & Solicitors Kartikeya & Associates-representing Talwar-have submitted to Sebi on 29 May, 2019 that, "...the persons who have benefitted the most and/or on whose instance the said illegalities and irregularities were and/or have been committed have yet not been identified. Please note that the persons and/or the shadow promoters of REL, RFL and their other group companies is one Gurinder Singh Dhillon (GSD/Babaji) and his family".
Sebi's original investigation against alleged fund diversion at Religare Enterprises & Religare Finvest was triggered by Talwar's primary complaint to RBI (later forwarded to Sebi) dated 12 April, 2017. In his complaint, Talwar had informed RBI about alleged "irregularities and illegalities committed by the promoters and/or board of directors" of the two companies. RBI forwarded the complaint to Sebi which ordered the probe via MSA.
Talwar's complaint to Sebi has also levelled a grave charge of a serious conflict of interest among Religare's then board members. "...the fact that the companies shared common directors to the GSD family as well as were all run by GSD followers eg. Just a quick review would point to the fact that during the diversion of funds, Vitoba, Platinum and Devera entities to which fund were diverted would reveal that Yuvraj Narain Gorwaney alias Mithu is on the board of these companies-not only is Yuvraj...the secretary of RSSB, he also sits on the board of Logos Holding along with GSD and Shabnam Dhillon. Many such associations exist between the entities named and GSD family."
Talwar is a National Film Award winning global film producer and angel investor. His first feature film 'Dharm' secured the National Film Award. It premiered at the prestigious Cannes Film Festival. Talwar has produced films such as 'Rann' starring Amitabh Bachchan, 'Mausam' with Shahid Kapoor, 'Rakta Charitra' starring Surya. Among international films, he produced 'The Joneses' starring Demi Moore, the Martin Freeman starrer 'The Eichmann Show', 'Romans' starring Orlando Bloom.