Following up on my post earlier today about raids by the Enforcement Directorate, which enforces economic laws and fights economic crime in India, a new story in the Indian financial press indicates that the raids are not only on Malvinder and Shivinder Singh, but on others.
One of those others is Sunil Godhwani, a close associate of Gurinder Singh Dhillon, the guru of Radha Soami Satsang Beas. Dhillon had Godhwani installed as the Managing Director and then Chairman of Religare, a company once controlled by the Singh brothers, who are related to the guru.
A criminal complaint filed by Malvinder alleges that Godhwani then conspired to fraudulently funnel money from Religare into the pockets of the RSSB guru, his family, and close associates. Separately, the new board of Religare filed a complaint with the Economic Offences Wing of the Delhi police.
I shared a link to that complaint in "Family of RSSB guru at risk of charges of criminal conspiracy." That possibility looks more likely in light of today's Business Standard story that somebody shared a link to in a comment. Here's the start of the story.
Download ED raids multiple locations linked to ex-Religare promoters in PMLA case | Business Standard News
The Enforcement Directorate on Thursday raided multiple premises linked to erstwhile Religare promoters, brothers Malvinder Mohan Singh and Shivinder Mohan Singh, and others in connection with a money laundering case, agency officials said.
They said the raids were conducted at seven locations in Delhi including those connected to the Singh brothers, ex-CMD of Religare Enterprises Ltd (REL) Sunil Godhwani, REL executives N K Ghoshal, Hemant Dhingra after an Enforcement Case Information Case (ECIR), the police equivalent of a case, was filed by the agency.
The ECIR has been filed under criminal sections of the Prevention of Money Laundering Act (PMLA) after taking cognisance of a Delhi Police Economic Offences Wing (EOW) complaint filed in December last year.
REL's subsidiary Religare Finvest (RFL) had filed the complaint with the EoW, alleging fraud and misappropriation of funds to the tune ofRs740 crore and had named the Singh brothers and others.
On their part, the Singh brothers had blamed Godhwani for the troubles faced by the group.
Seemingly one of the questions Indian authorities are seeking answers to is why Godhwani funneled money to shell companies controlled at the time by members of the Dhillon family and their associates, which apparently then was used to buy real estate by the Dhillons.
See my March blog post, "RSSB insider Sunil Godhwani charged with criminal conspiracy." Here's the last paragraph of that post.
Thus it sure seems like the Dhillon family is facing some additional legal challenges. They were owners of shell companies mentioned in the Religare criminal conspiracy complaint as having participated in the fraud, and the Dhillons also were recipients of the fraudulently obtained money.