Delhi police following money trail that could lead to RSSB guru and his family

Here's some fresh news on the Singh brothrers/RSSB guru (Gurinder Singh Dhillon) financial scandal saga.

A commenter on this blog just left a link to an Economic Times story that shows authorities are having success in tracing where the money ultimately went that was siphoned out of companies once controlled by the Singh brothers, and into companies that were partly or mostly controlled by the Dhillon family and their close associates.

Here's what the story says. I've boldfaced the mention of the RSSB guru.

A district court in Delhi extended the police custody of businessmen Malvinder and Shivinder Singh by two days in connection with fund diversion and misappropriation of funds pegged at about Rs 2,400 crore. The court will hear the case on October 17.

Claiming that they have found the “money trail” to some extent and wanted the custody be extended, the Economic Offences Wing (EOW) of the Delhi police filed a remand application in which it claimed that “during the police investigation the accused persons disclosed that the amount to the tune of Rs 1000 crore approximately was transferred from entities linked to corporate loan book”. ET has seen the copy. These entities are Modland Wears Pvt Ltd, Devara Developers Pvt Ltd, Fern Healthcare Pvt Ltd, Best Healthcare Pvt Ltd, Adept Lifespaces Pvt Ltd, Rosestar Marketing Pvt Ltd,” the application said.

“The amount has been transferred to various persons which has been transferred from the complainant company to these shell entities and finally the said amount was misappropriated/siphoned,” it further goes on to say.

The EOW said that they wanted the custody to be extended to “identify the persons to whom the amount was disbursed and to ascertain the purpose of giving the said amount”.

While the police custody has been extended for Singhs along with former REL chairman and managing director Sunil Godhwani, ex-Religare Finvest Ltd (RFL). Former CEO Kavi Arora and former REL CFO Anil Saxena were sent to judicial custody.

All five were arrested last week following a complaint by Religare Finvest Ltd. They were produced in a court in Saket on Tuesday afternoon.

The EOW has alleged that the accused “wilfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 crore,” in its application filed in the court on 11 October. It also said that the funds were diverted to promoter related companies.

The police investigative agency sought extension of judicial remand for “sustained interrogation,” to find the trail of “cheated money” to ascertain the purpose of cheating, to confront the directors of shell entities and to ascertain the role of co-conspirators.

Malvinder Singh’s lawyer Manu Sharma said he was happy to note that the investigative agencies are heading in a right direction. He has been saying that the investigative agency should recover the money from the head Radha Soami Satsang Beas, Gurinder Singh Dhillon.

According to the FIR filed by the EOW, internal inquiries showed that the poor condition of the complainant company was to a large extent on account of wilful defaults on significant unsecured loans, defined for internal purposes as CLBs by borrower entities either related, controlled or associated with the promoters.

Comments

[Spence Tepper]

Surprise, surprise.

[Nick Ny]

The story unfolds further and looks like it’s now just a matter of a little more time before GSD and clan are brought in for interrogation. See the latest news from Times of India:

https://timesofindia.indiatimes.com/business/india-business/rfl-case-singh-brothers-said-rs-1000-crore-siphoned-off-by-entities-linked-to-loan-book-eow-tells-court/articleshow/71602020.cms?utm_medium=referral&utm_campaign=iOSapp&utm_source=sms RFL case: Singh brothers said Rs 1,000 crore siphoned off by entities linked to loan book, EOW tells court -

[Vinny]

Nothing Version 3.1 = Confiscation of properties + jail terms + jail cuisine

[Daljit]

Here is another interesting video in Hindi.

It says that one of the most powerful spiritual practice is to let go of your Guru 😊

https://www.youtube.com/watch?v=nOL5QcNjLS0&t=133s

[j]

https://indianexpress.com/article/explained/explained-who-are-radha-soami-satsang-beas-dera-malvinder-shivinder-singh-religare-6068897/

I had no idea that RSSB has 20 million followers, and that 18,000 people live at the dera. Is that accurate?

[j]

"Shivinder submitted that he was himself a victim and was ready to help and cooperate in the investigation"

Shivinder admits he's a victim? A victim of whom?

https://www.newsnation.in/business/news/breaking-former-ranbaxy-promoters-malvinder-singh-shivinder-singh-sent-to-two-day-police-custody-in-fraud-case-241010.html

[j]

"According to the police, the complainant stated that the four had absolute control on REL and its subsidiaries."

"They put RFL in poor financial condition by disbursing loans to companies having no financial standing AND BEING CONTROLLED BY THEM. The companies to which loans were disbursed willfully defaulted in repayments and caused a loss to RFL to the tune of Rs 2,397 crore," police had alleged."

https://www.telegraphindia.com/india/singh-brothers-said-rs-1-000-crore-siphoned-off-by-entities-linked-to-loan-book-eow/cid/1711912

[Whodunit]

1000 crore isn't 2397 crore
That's 1397 crore short of missing millions

Where's the rest, if 1000 crore is the amount siphoned to 'various' shell companies? Also with Gurinder??

Or Malav got a better idea?

[Nick B UK]

We're in the End Game now. And there is probably one possible universe out of 14 million or more in which GSD and family did not knowingly take illegal loans worth tens of millions.

[Nick Ny]

Babaji and family have been ordered by the high court of Delhi to be present in the court on November 14 with all required documentation related to this money trail.

https://www.businesstoday.in/current/corporate/daiichi-case-delhi-hc-orders-rssb-chief-dhillon--family-singh-brothers-ghodhwanis-present-court/story/384999.html

[seeker]

https://economictimes.indiatimes.com/news/politics-and-nation/delhi-hc-orders-rssb-chief-gurpreet-singh-dhillon-to-appear-in-court-on-nov-14/articleshow/71610241.cms

[a wise owl]

Shivinder admits he's a victim? A victim of whom?

Posted by: j | October 15, 2019 at 10:14 PM

A victim of his fate or his own actions. Depends upon your beliefs.

[JS]

“Delhi High Court has asked Radha Soami Beas chief Gurinder Singh, his family members, fmr Religare promoters Shivinder Singh & Malvinder Singh, fmr Religare chief Sunil Godhwani & his brother Sanjay Godhwani to be present at the court hearing in the Daiichi Sankyo case on Nov 14.”

I just came across this on Twitter - Does anyone know if it’s true/accurate?

Obviously, this is a different case than the current reason for the Singh Bros continued detention

JS

[j]

Shivinder admits he's a victim? A victim of whom?
Posted by: j | October 15, 2019 at 10:14 PM
"A victim of his fate or his own actions. Depends upon your beliefs."

Or it's Shivinder's oblique admission that someone made false promises to him about the success of the money siphoning. I've never heard of someone who was arrested saying they were victims of fate or their own actions.

If the quote is authentic, it seems to me that Shivinder is saying that someone led him down the garden path but he doesn't want to say who that someone is.

[a wise owl]

Or it's Shivinder's oblique admission that someone made false promises to him about the success of the money siphoning. I've never heard of someone who was arrested saying they were victims of fate or their own actions.

If the quote is authentic, it seems to me that Shivinder is saying that someone led him down the garden path but he doesn't want to say who that someone is.
Posted by: j | October 16, 2019 at 12:59 PM

Hi J,

Your understanding / assessment of Indians who indulge in money laundering (and this includes Singhs who now feature on the illustrious list which has the likes of Vijay Mallya, Nirav Modi, Wadhawans, Mehul Chokshi etc etc etc) is abysmal.

The Singh bros aren't naive. For years financials of a listed company were being manipulated. That's grave. You would know what this incurs in USofA - Sarbanes Oxley and all that shit. Even India has a milder but similar certification.

When shit breaks out

Standard operating process - I am a victim, I just signed blindly trusting xyz, or I am penniless. Fact is these guys are victims of their own actions. Even trusting somebody implicitly is an act ( but which I refuse to believe was the case here)

Businesses go bust not the business men

[Spence Tepper]

Latest news (thank you poster named Guru for the link)

https://www.ndtv.com/india-news/ex-fortis-promoters-malvinder-singh-and-shivinder-sent-to-14-day-judicial-custody-2118300

Malvinder, Shivinder and Sunhil will be kept in jail for another TWO WEEKS....

What started as four days is now three weeks incarceration, three weeks of questioning, and efforts to follow the money to the parties who actually received it.

I think the crimes division is serious about recovering this money.

The Crimes Division is building their case, and apparently they have come up with some series leverage to justify two more weeks in jail.

[a wise 🦉]

I think the crimes division is serious about recovering this money.

The Crimes Division is building their case, and apparently they have come up with some series leverage to justify two more weeks in jail.

Posted by: Spence Tepper | October 17, 2019 at 04:27 PM

Oh thank you for telling us all that the Crime Division is 'serious' about recovering the monies. Is this a first of some sorts in its history?

And have they really come up with a series of leverages? Are you by any chance suggesting they are making up stuff?

- do not think or presume anything about the Indian Investigative Agencies

- do not rely on Indian media, which is all that you have done

Extension - routine procedure.

Currently attempts to (1) establish the authenticity of all information provided (2) probing/extract what's not been provided (3) establish what are the real facts of the case and which is the only 'admissible evidence' and (4) file the charge sheet

Extension of remand usually a sign of non-cooperation, suspicion not all is being disclosed, inability to corroborate the information and of course emergence of new information which needs to be investigated.

But I don't blame you. Sitting 6000kms away, your GSD addiction results in your fingers punching away in an overdrive mode. Time for some GSD de-addiction huh?

[Mike England]

Quantum embezzlement
The harder you look, the less you see.
There is probs no paperwork pointing directly to the Baba.
I reckon the Baba will walk. Scot free.
😵

[commonsense]

ofcourse the baba will walk scot free.....someone who can fool 20 million people is no joke.....he is shrewd and cunning....plus with his influence in india and his wealth....he can buy the entire judicial system

[slave_of_GSD]

ofcourse the baba will walk scot free.....someone who can fool 20 million people is no joke.....he is shrewd and cunning....plus with his influence in india and his wealth....he can buy the entire judicial system

Posted by: commonsense | October 18, 2019 at 07:23 AM

That's the way the cookie crumbles for his baiters.

Didn't someone not tell you whining is bad for health. Take a chill pill, sit back and enjoy.