Following the arrest of Malvinder and Shivinder Singh by Delhi police for questioning about the diversion of funds from companies they once controlled,(see here and here), and the High Court of Delhi giving the guru of Radha Soami Satsang Beas, along with others, 30 days to pay back $842 million to the Religare corporation, there's more fascinating news.
Likely reflecting what his client is telling authorities, Malvinder Singh's attorney had some harsh words for Gurinder Singh Dhillon, the RSSB guru. At one time the Singh brothers treated Dhillon, their relative, as both a father figure and trusted spiritual adviser on matters both financial and religious.
But now, according to a story in the Indian Express, things are very different. I've boldfaced the mentions of the RSSB guru and co-conspirators.
A day after they were arrested for alleged diversion of funds and causing a loss of Rs 2,397 crore to Religare Finvest Ltd (RFL), brothers Malvinder Singh and Shivinder Singh, former promoters of Religare Enterprises Ltd, were remanded in four-day police custody Friday.
Before they were led away with three others arrested with them, Malvinder’s counsel Manu Sharma told a Delhi court that his client did not have a “single penny” and that investigators were not arresting a “a person to whose doorstep the money leads as he is heading a great religious organisation”.
“This gentleman runs an entity called Radha Soami Satsang Beas (RSSB) trust. He’s a very powerful man and has high political relevance,” Sharma told the court of Chief Metropolitan Magistrate Deepak Sherawat at the Saket courts complex in south Delhi.
At one stage, the Singh brothers were followers of the RSSB.
He said the FIR against Malvinder is an offshoot of a September 27 order of the Delhi High Court which ordered 55 entities and individuals, including RSSB chief Gurinder Singh Dhillon, his family members and various companies owned by them or by RSSB associates, to pay dues of over Rs 3,000 to the Singh brothers.
“\After this (High Court) order was reported two days back, my client was detained on the intervening night of Thursday and Friday and arrested before his wife and daughter, who is undergoing treatment at a hospital in Ludhiana,” Sharma told the court.
Besides Malvinder and Shivinder, the Economic Offences Wing of Delhi Police Thursday arrested Sunil Godhwani, former chairman and managing director of Religare Enterprises Ltd (REL), Kavi Arora and Anil Saxena who held “important managerial positions in REL and RFL” for alleged diversion of public money “in clandestine manner for their own benefit.
Noting that “the offence is of very serious nature involving huge amount of siphoning of money”, CMM Sherawat ordered their police custody since it is “necessary to trace the trail of the cheated amount and find out the role of other persons who might have participated in conspiracy, and confrontation with other officials of RFL and REL”. He directed that the accused be produced in court again on October 15.
The court granted four-day police custody though the EOW had sought six days, saying they also needed to ascertain the role of co-conspirators.
Godhwani and Saxena did not oppose the police remand while Shivinder told the court that he himself was a victim of the fraud and would cooperate with the investigation in every possible manner.
Malvinder’s lawyer Sharma told the court that he had given an affidavit in the High Court saying the money was not with him. Maintaining that his client had been cooperating, he said: “I am a defenceless and a penniless man. The agency should arrest the RSSB chief who has not even been touched.”
Meanwhile, the RSSB chief and his family members moved the High Court Friday, saying they do not owe any money to RHC Holdings Pvt Ltd, promoted by Malvinder and Shivinder.