This LiiStudio story is about a month old, but I'm sharing it because it provides good background material on the fascinating drama surrounding the Singh brothers and their relative, Gurinder Singh Dhillon, the guru of Radha Soami Satsang Beas.
There are numerous strands in the tangled web of this tale of fraud, loans gone bad, and deceit.
Hopefully some of the strands will be made more clear in the upcoming November 14 hearing of the High Court of Delhi involving those responsible for payment of a $500 million award to a Japanese company that bought the Singh brothers' pharmaceutical firm.
Below I've highlighted in red mentions of the RSSB guru, since many people who visit this blog are interested in how the Dhillon family fits into these cases.
The key questions that remain to be answered in this mess appear to be these:
(1) Who were the ultimate beneficiaries of the money that was fraudulently siphoned from Religare and Fortis into shell companies? There's reason to believe that these beneficiaries included members of the Dhillon family and their close associates. This is relevant to the Daiichi award, since the Singh brothers, or at least Malvinder, are claiming the money needed to pay the award resides with other people.
(2) Were those beneficiaries involved in the financial fraud? If so, they could be charged as co-conspirators.
(3) Does the Dhillon family need to repay the hundreds of millions of dollars that reportedly went into their pockets from the Singh brothers following the sale of Ranbaxy? Was this a gift from the Singh brothers or a loan?
(4) Assuming the Dhillon family owes money to the Singh brothers, do they have the requisite assets to repay those loans? Documents required by the High Court of Delhi seemingly would answer this question.
New Delhi: Malvinder Mohan Singh and his youthful brother Shivinder Mohan Singh, former promoters of pharmacy firm Ranbaxy, hospital chain Fortis and monetary companies agency Religare, have been this week arrested by the Financial Offences Wing (EOW) of the Delhi Police for allegedly dishonest and inflicting a lack of Rs 2,397 crore to Religare Finvest Ltd (RFL), a subsidiary of Religare Enterprises.
The police additionally arrested former Religare Finvest MD Kavi Arora, in addition to ex-group CFO Anil Saxena and MD Sunil Godhwani.
The Singh brothers have been as soon as profitable businessmen who featured on Forbes’ listing of billionaires, working India’s main pharma firm. However they’re now in police custody, with a number of instances of dishonest and fraud, and allegations of siphoning cash utilizing a fancy internet of firms.
Whereas their present arrest is for alleged fraud associated to Religare Finvest, they’ve two extra investigations pending towards them. One is an allegation of siphoning round Rs 472 crore from Fortis Healthcare, whereas the opposite is about preserving Japanese drug main Daiichi Sankyo in the dead of night whereas promoting Ranbaxy to it that a US drug regulator was probing the agency. A Singapore tribunal had handed a Rs three,500 crore award in favour of Daiichi, which the Singh brothers are but to pay.
Who’re the Singh brothers?
Malvinder and Shivinder are grandsons of Bhai Mohan Singh, a businessman from Rawalpindi who settled in Delhi after Partition.
Bhai Mohan Singh took over the debt-ridden Ranbaxy from his cousins Ranbir and Gurbax Singh. Mohan Singh’s son Parvinder drove the agency to the highest of the Indian pharmaceutical business.
Parvinder’s sons Malvinder and Shivinder each graduated from Duke College’s Fuqua College of Enterprise within the US, and formally took over the corporate after Parvinder’s dying in 1999. They bought it to Daiichi Sankyo in 2008 for Rs 9,576 crore.
In accordance with officers, with the cash obtained from Ranbaxy’s sale, the brothers spent Rs 2,000 crore to repay loans, invested Rs 1,750 crore in Religare, and put Rs 2,230 crore in Fortis.
The remaining Rs 2,700 crore was reportedly transferred to Gurinder Singh Dhillon, head of the religious sect Radha Soami Satsang Beas, and his household.
The Religare Finvest case
In accordance with officers within the EOW, the Singh brothers, who have been in “absolute control” of Religare Enterprises Restricted (REL) and its subsidiaries, put Religare Finvest Restricted (RFL) in poor monetary situation by distributing loans to firms having no monetary standing, which they themselves managed.
“These companies then wilfully defaulted on repayments, causing a loss to RFL to the tune of Rs 2,397 crore,” an official defined.
In November 2016 and January 2017, RFL invested Rs 750 crore as fastened deposits within the Lakshmi Vilas Financial institution (LVB).
In July 2017, RFL reportedly found that LVB credited the proceeds of the deposits to RFL’s present account, and in addition debited an quantity of Rs 724 crore with out preserving RFL within the loop.
When RFL discovered in regards to the transfer, it instantly contacted the financial institution and in addition despatched authorized notices to the financial institution to re-institute the FDs, stating it had not given any go-ahead to dissolve them. Following a authorized discover, the financial institution agreed to revive the FDs.
5 months later, in December 2017, RFL reportedly obtained a communication from the financial institution, stating that loans amounting to Rs 532 crore and Rs 174.eight crore got to 2 firms held by the Singh brothers — RHC Holding and Ranchem Pvt Ltd respectively, factoring the FDs as collateral.
RFL then claimed that LVB didn’t ship it any info earlier than putting the FDs as safety towards the loans disbursed to the 2 firms.
RFL then filed a swimsuit within the Delhi Excessive Courtroom towards the financial institution for voluntarily placing the FDs as a assure towards a mortgage that it was not conscious of.
“RFL stated it had not executed any documentation for putting the FDs towards any loans that were wrongfully disbursed to the two companies controlled by Singh brothers,” an official defined.
RFL additionally made a proper criticism on this regard to EOW, and a case was registered. Following this, the Reserve Financial institution of India positioned LVB beneath its immediate corrective motion framework.
The Daiichi-Ranbaxy case
Malvinder and Shivinder have additionally been accused of siphoning funds via a fancy “web of companies” by Daiichi Sankyo, which additionally alleged that the brothers hadn’t disclosed the US drug regulator’s probe towards Ranbaxy on the time of sale.
Daiichi has additionally claimed that ANR Securities, RHC Holding, Ranchem and Malvinder maintain Prius Actual Property, wherein they put funds amounting to Rs 1,429.50 crore via debentures.
Daiichi additionally alleged that the brothers fraudulently diverted a sum of Rs 1,407.33 crore in Shimal Healthcare (which they personal collectively) via debentures and desire shares, and that this firm was additionally used to divert funds to different entities.
A debenture is a long-term bond or an unsecured mortgage issued by an organization with out pledging an asset, whereas desire share is a share which entitles the holder to a hard and fast dividend.
Daiichi is but to get well the Rs three,500 crore awarded to it by a Singapore tribunal, and has urged the Delhi Excessive Courtroom to connect the Singh brothers’ properties to get well the dues.
Case involving Fortis Healthcare
One other case entails Fortis Healthcare, which, in February this 12 months, had written to market regulator Securities and Trade Board of India to provoke authorized proceedings towards the brothers and get well Rs 472 crore, which have been allegedly taken out of the corporate via inter-corporate deposits to companies linked to them.
An inter-corporate deposit is an unsecured borrowing by corporates from different company entities. A company agency having surplus funds can thus lend to a different in want.
In October 2018, SEBI discovered the diversion of those funds to be “fraudulent” and directed Malvinder and Shivinder to repay this quantity, together with extra curiosity, to Fortis by January 2019. The brothers, nevertheless, did not make these funds.
What the brothers have mentioned in courtroom
Malvinder’s lawyer Manu Sharma informed a courtroom Friday that it was ‘Baba’ Dhillon, not his shopper, who was the beneficiary of the transactions.
“They don’t go after that person to whose doorstep the money leads because he’s heading some great religious organisation,” Sharma mentioned in courtroom.
Sharma additionally mentioned his shopper didn’t have a “single penny”.
Nonetheless, Shivinder, who has not engaged a lawyer, has mentioned he would “cooperate with the investigation and follow whatever order the court gives”.
Brian thanks for the refresher on the chain of events. It seems you have highlighted in red the parts of the story that mention BBJ so let me ask you this question. It says
“The remaining Rs 2,700 crore was reportedly transferred to Gurinder Singh Dhillon, head of the religious sect Radha Soami Satsang Beas, and his household.”
Who reported this?? We haven’t seen any documents showing the transfer? Both the sebi or court reports don’t mention anything about transfer to the Dhillons so where is this story coming from??
The second highlight says
“Malvinder’s lawyer Manu Sharma informed a courtroom Friday that it was ‘Baba’ Dhillon, not his shopper, who was the beneficiary of the transactions.
“They don’t go after that person to whose doorstep the money leads because he’s heading some great religious organisation,” Sharma mentioned in courtroom.”
Aha!! There’s the answer. Only 1 person pointing to the Dhillons, the same person who made you and everyone else believe that the Master was even remotely involved in any of this.
Posted by: Anon | November 12, 2019 at 02:27 PM
Anon, there have been numerous stories in the Indian financial press about the money that flowed into the pockets of the Dhillon family. An August 2018 Bloomberg story is one of the best, and not just because it quoted me. See:
The story has a good graphic showing how money flowed from companies controlled by the Singh brothers, RHC Holding and other entities, to the Dhillon family. Here's a quote from the Bloomberg story that I included in my blog post.
By 2010, another business opportunity emerged. Towns outside India’s capital, New Delhi, were experiencing a property boom that was turning farmers into millionaires. The Singhs’ resources were marshaled to help the Dhillon family build a real-estate empire.
Two companies, Prius Real Estate Private Ltd. and Lowe Infra and Wellness Private Ltd., were set up by people close to the guru, and although partly hidden by layers of shell companies, the Dhillon family had ownership interests in both, people familiar with the matter said and filings show.
Over the next two years, these firms together received about 20 billion rupees in zero-interest loans from the Singhs’ private holding company or its subsidiaries, according to the people and the documents. Funds were then disbursed to other companies controlled by the Dhillons. The Singhs owned a 51 percent stake in Lowe.
These loans proved costly to the Singhs, coming on top of other major financial commitments that were underway. From 2011 onwards, the brothers’ holding company went on to sink at least 12 billion rupees to cover losses at their investment banking venture Religare Capital Markets Ltd. Other loans went to Ligare Voyages Ltd., a money-losing charter airline.
The Singhs’ holding company also loaned at least 7 billion rupees to cover losses at a firm that had been spun out of Religare to manage the financial firm’s administrative costs. The loss-making firm’s biggest expense was rent, much of which was paid to buildings owned by the guru’s family, according to documents and people familiar with the matter.
In some cases, Religare had no use for all the space it was leasing from the guru’s buildings and large parts sat empty, the people said and internal documents show.
RHC, the holding company, also made personal loans of 5 billion rupees to Dhillon family members, via a network of shell companies, people familiar with the matter said.
The Singhs funded all these outlays to the guru’s businesses and to their own ventures with borrowing. And a substantial portion came from Fortis and Religare, often through the same network of shell companies used to lend to the guru’s family, people familiar with the matter said.
Taken together, the zero-interest loans to Dhillon firms and Singh investments gone bad created a crushing debt load that required even more borrowing to service. Their total borrowings hit about $1.6 billion by March 2016, filings show.
And here's an excerpt from a blog post about an October 2019 Economic Times story that talks about how the Dhillon family, along with others, has been ordered to pay up to $842 million by the High Court of Delhi. See:
NEW DELHI: Gurinder Singh Dhillon, the spiritual head of the Radha Soami Satsang Beas (RSSB), his family members and associates are among 55 individuals and entities ordered by a court to pay over Rs 6,000 crore owed to RHC Holding in connection with the settlement of a dispute related to Daiichi Sankyo’s acquisition of Ranbaxy Laboratories.
The Delhi high court ordered Dhillonʼs wife Shabnam, sons Gurkirat and Gurpreet and daughter-in-law Nayan Tara, among others, to pay up the amount due to RHC Holding, the flagship holding company of the Singh brothers who formerly owned Ranbaxy. Money will also be recovered from former Religare Enterprises chief Sunil Godhwani and his brother Sanjay Godhwani. The non-banking financial services conglomerate was formerly promoted by Malvinder and Shivinder Singh.
The amount should be deposited with the courtʼs registrar general within 30 days, according to the order dated September 27. Any party disputing the claim should file an affidavit to place their contention on record, Justice JR Midha said in the order, which ET reviewed. The entities cannot “dispose of, alienate, encumber directly or indirectly, part with the possession of any assets, except in the ordinary course of business like payment of salary and statutory dues, till the next date of hearing.”
Posted by: Brian Hines | November 12, 2019 at 03:59 PM
Brian you are missing a key point here if the trail of money movement has been proven and shown then the court will not ask for the parties to provide their disputes, the fact that they are asking this only means that it is what is “claimed” and “unproven” at this point. If it was indeed proven then by now sebi in their reports would have a clear paperwork trail Of the money movement like they do for the 2 brothers. But they don’t so then
again I go back to my earlier point which I want to make to you is “who is claiming or reporting this”???—>Malvinder
Not creditable at all!!! I can make a flowchart, conjure up a story and file a report to point the blame elsewhere but where are the documents from anyone else but him???
Posted by: Anon | November 12, 2019 at 04:49 PM
All that is left is for the prosecution to formally confirm the paper trail of loans and corporate stewardship. No doubt they are even now seeking some witnesses to confirm key elements of the documents. If the above info meets that standard, things are pretty clear (though there is still the actual inside story to unfold).
The defense will have to dispute the accounts you have summarized, but only if there is that paper evidence, and or witness testimony.
We will see how far the prosecution got in a couple of days.
November 14th is going to be, either way, one of the single most important dates in the history of RSSB. The entire RSSB world will be watching.
And they can rest assured that at least here, under your careful guidance, the information will be reported and discussed with objectivity and balance.
Posted by: Spence Tepper | November 12, 2019 at 05:02 PM
Anon, did you even read the Bloomberg story? Doesn't sound like it. Here's how the reporter described his sources of information.
"Two companies, Prius Real Estate Private Ltd. and Lowe Infra and Wellness Private Ltd., were set up by people close to the guru, and although partly hidden by layers of shell companies, the Dhillon family had ownership interests in both, people familiar with the matter said and filings show."
So the reporter talked with knowledgeable sources and examined public documents. That's what reporters do, report facts. Do you have any facts to refute the Bloomberg story, or are you one of the "fake news" people? Hopefully not, because only fools like Trump call reputable journalists by that name.
Posted by: Brian Hines | November 12, 2019 at 05:45 PM
How do you know i am not a fraud ? GSD i am the god man - Dont tape my satsangs so i can talk bullshit and take you to the god home after your death in my astral form.
dont eat rennet in your cheese
Posted by: GSD Baba | November 12, 2019 at 08:27 PM
Brian you say
“An August 2018 Bloomberg story is one of the best, and not just because it quoted me.”
Aug 2018 we are in nov 2019. Almost 1 1/2 years later and still no documents??? Where are the documents that show the transfer? None
Where is the paper trail from sebi showing Dhillons got any money? None
Where are the court documents showing money to the Dhillons as of date?? None
Yet post after post Brian is singing the same tune about the RSSB guru. Sad
P.s yes I read the Bloomberg article. Actually there probably isn’t an article or report about this I haven’t read including many you don’t even know about.
Posted by: Anon | November 12, 2019 at 08:59 PM
Anon, you didn’t mention the October 2019 story about the High Court requiring the Dhillon family and others to pay back what they owe to the Singh brothers and companies they once controlled.
But maybe you have the fantasy that the court chose the RSSB guru at random to pay money earmarked for the Daiichi settlement. Me, I believe the court considers that the Dhillon family owes the money.
Posted by: Brian Hines | November 12, 2019 at 09:28 PM
While I agree on this case, I think you're wrong to assume reputability, accuracy or honesty in journalism, Brian. Fake news is a real thing.
Look at the fake hate crimes websites and see how many outrageous claims the media regularly makes and "reports" on when they literally knew nothing, or chose to invent sensational stories for profit, or likely to create conflict. They later find out, or are forced to admit, after doing a ton of damage that their "reporting" was 100% lies, yet they never retract or apologize. Sick, disgusting people.
Or even look at the literally thousands of articles from the two minutes hate target, Trump, all based on anonymous sources, and almost all now either forgotten and memory holed when it turns out to be total b.s. Seriously think back through his presidency and how many accusations lobbed at him. It's innumerable. Was anything proven to be true? I can't think of much. The whole Russian hotel room with him pissing on women not only turned out to be totally fake, but Dungeness's worst nightmare as well. Tom Arnold was on a freaking tour and we were to accept that he had "the goods." TOM ARNOLD lol
Media is evil and real journalism is rare.
With that being said, I actually believe what is reported by Indian media in this particular case, but that's cause of the intangible quality I have of judging people pretty well. It doesn't help in making an argument, but it helps me personally. I choose to believe the media here as an exception to the rule of disbelieving their endless lies. Lies that one day I hope they're imprisoned and tortured for intentionally telling.
The Baba is likely guilty.
Posted by: Jesse | November 12, 2019 at 10:19 PM
All is fake..GSD WILL EMERGE AS INNOCENT ...HE HAS BEEN TRAPPED BY SINGH BROTHERS
Posted by: Aman | November 13, 2019 at 02:53 AM
shifting money Baba,s (Indian)way.
Head of Hazur Sahib Tara Singh set up PMC Bank in Maharashtra(Punjab and maharashtra co-operative bank) and persuaded religious organisations to park their funds with bank.Ordinary folk followed these religious organisations.Currently in news because Govt have shut up PMC apart from 2 limited withdraws in 6 months.Investigators have found that management set up 22 thousand fake accounts to siphon off 4000 crore ( total funds 8000 crore ) .This only came to light as bank had failed to pay Govt loan of around 1000 crore.Govt made PMC to pay their loan that left no floating money for PMC to service their customers.Sick people can not get their money to pay doctors,many are committing suicides.
until recently people selling/buying land in india,went to registrar with 2 witnesses and bought/sold land often under fake names.This has been stopped now.Group photo of registrar/seller/buyer/witnessess is printed on Govt conveyance paper.People who bought under the old system are stuck.
Lawyers of Himachl Pardesh have advised Govt that it would be illegal to allow RSSB to sell their excess land.
Whatever happens in Ranbaxi-Religare-Fortis and Baba connection case ,there is lot to come out about RSSB land grab and banking systems.
Posted by: K.Singh | November 13, 2019 at 03:52 AM
Sir Kenn Dodd (British comedian) was prosecuted for money laundering by setting up account in his dog's name.He argued ,he was a dumbo when it comes to money,his dog done all the banking.He was found not guilty.
Posted by: K.Singh | November 13, 2019 at 09:10 AM
Brian you say
“Anon, you didn’t mention the October 2019 story about the High Court requiring the Dhillon family and others to pay back what they owe to the Singh brothers and companies they once controlled.”
yes I will mention it not only will I mention it but will quote directly from the court order so that you and everyone else here can understand better why the court has asked the Dhillons to be party to this case.
“"The answering respondent and its subsidiaries have attempted recall all the investments which have matured and recover the loans advanced to the entities and individuals along with interest. However, due to integral conflicts the answering respondent and its subsidiaries are unable to recover these amounts. It is submitted that with in addition to the aforesaid debts, as per the books of accounts and the information gathered from the subsidiaries / related entities, the answering respondent has collated the debts due to the judgment debtors and these related companies who have also sent demand notices for recovery of these debts from the ultimate borrowers. These borrowing entities may also be impleaded or garnishee proceedings may be initiated against them. A detailed list of all these entities and individuals who own money to Judgment Debtors and their subsidiaries along with the updated amount due to be recovered is annexed herewith In view of the above, the answering respondent submits that the Judgment Debtors have all the intentions to satisfy the award and they are in the process of making recoveries of the aforesaid amounts. It is submitted that the Judgment Debtors have requested the entities who own money to them to deposit the outstanding monies before this Hon’ble Court.”
As you can see it is the debtors (Singh brothers) who have “requested” the court to have this 55 entities as garneshees. Which again brings me to my very first point. Where are the documents?? And who is reporting this information?? Answer is there are no documents that have been presented only claims AND Malvinder has been reporting everything so far including these press reports you keep pasting in all your blog posts.
Posted by: Anon | November 13, 2019 at 09:32 AM
A foreign grain landing into others courtyard, an unitentional lie, etc are all detrimental to ones spiritual growth. But on the other hand the assets owned versus spiritual wealth of the Saints of last few generations have been phenomenal while their depth and reach have expanded proportionately. No doubt some of us may have benefitted spiritually from them and that too exceptionally by a few. So am I to some extent.
Assuming the decent money of them all through. and in each case is a bit too much of a strssed belief for their followers. Perhaps the monies acquired may not have a connect in case of a Saint. Can this be so.
Current episode played out with amplified force here indicates the shyness among some of us in accepting the sanity in money matters of huge quantum between Guru's family and Guru's Guru family in this slipped- derailed. Businesses multiple deals, all of which can never be assumed to be money without greed or illwills or what not
Henceforward sny guesses about the Saint can really confuse either way i. e if seen from worldly and logical angle or plainly believed. Except for some inner relief to His followers where the logics can replace His Divine-Eternal plan.
Posted by: Meditator | November 13, 2019 at 10:48 AM
I can't say much but I know GSD dont lie maybe he don't know about money his family used money due to GSD's family his name is being taken he is guru do not involve in money matters he uses his own money for sangat dont take a pie from anyone his ancestors were farmers he has his own land he don't ask money from anyone he spends his money on sangat i know GSD can't lie maybe his family has used money but I am not sure he never said he is God rssb cult never force or request anyone to follow them they say listen them check them experience them then decide wants to follow them or not it is evident from the past when saints were alive they were never valued like Jesus Christ etc same here GSD babaji he is a religious man malvinder and shivinder blaming GSD because they wanted to become next guru but it's evident from past guru becomes that person who is capable whether inside the family or outside the family not like a guru will make his son or relative next guru both brothers didn't became guru so they took GSD babaji's name so that if they don't become guru and they can't return money GSD will return money GSD never asks money if he was guilty he has paid all money but he is not guilty so why he pay money.
Posted by: Saurav | November 13, 2019 at 10:52 AM
"Answer is there are no documents that have been presented only claims AND Malvinder has been reporting everything so far including these press reports you keep pasting in all your blog posts."
But this is information you don't actually have. Your claim is without foundation.
We know that the Court was requested to assist in recovery by Malvinder.
We know the crimes division is investigating these loans and has been gathering their own information over the last year.
We know the high court judged the request reasonable and therfore ordered the loan recipients to pay, not Malvinder, but the court.
What other evidence convinced the high court to proceed with ordering Gurinder et al to pay?
They are not obliged until tomorrow to unveil their case.
It is at that time they will present their case and we will all find out the basis for the order.
Posted by: Spence Tepper | November 13, 2019 at 10:55 AM
Do self analysing practice rather than commenting on others matter. God is one who takes care of there people.
Posted by: Herprit | November 13, 2019 at 11:22 AM
14th Nov is here....
Baba is already suffering from his karma.. .Cancer, diabetic also whole family even little kids suffering from health issues
And People believe Baba will cure their health problems
Now Baba and family using these health issues as excuse so they don't have to appear in the court.
Wake up people..with your blind believe Baba is have charted flights, kids studied in Cambridge, married in lavish style..all his family using overseas medical facilities and unlimited income and assets.
Just compared lifestyle of real saints like Nanak, Kabir etc with Baba's lifestyle..can you see any similarity???.you will get your answer...Regards Guru Rakha
Posted by: Guru Rakha | November 13, 2019 at 11:27 AM
Finally, GSD admits to financial deals with Singh brothers!
Posted by: Guru | November 13, 2019 at 04:28 PM
Hi Brian, I like what you write and my thoughts resonate with yours, I believe spirituality and oneness is something different than what Radhasoami teaches. I was into Radhasoami even before I was born, as my whole family was and still is following it religiously. But lately as I am growing and getting to see the world from my eyes my believes are changing.
I follow your blogs, I have bookmarked your site in my system.
Recently I am a bit disappointed as the blogs now are more focused on financial issues of RSSB, I always expect that when I come to the blog I get to read a new take on the spiritual side of the world.
It's okay if you think otherwise or you have your own thoughts and reasons to mention the financial issues, I just wanted to share my thoughts with you.
Posted by: Pooja B | November 13, 2019 at 06:14 PM
Wake up people..with your blind believe Baba is have charted flights, kids studied in Cambridge, married in lavish style..all his family using overseas medical facilities and unlimited income and assets.
What do you mean from this???
Posted by: Abc | November 13, 2019 at 06:30 PM
"Finally, GSD admits to financial deals with Singh brothers!"
He claims they didn't sign any contracts because the family was so close.
Not sure what he was thinking because nearly 100% of Punjabi families have some sort of internal schism due to business deals gone sour. It's something anyone paying an iota of attention learns about that community in about a week.
Brothers fighting for farm land, some cousin failed to repay a loan because he used it to buy a car to impress some skeezy chick.It's a widespread problem these days.
Being the Lord of the universe should grant someone the intelligence to do massive business deals on the up and up. But I guess it's all just golf carts and mocking your devotees for seeking disco lights in meditation. Not so much thinking before grabbing piles of unearned cash.
Posted by: Jesse | November 13, 2019 at 07:40 PM
Pooja B, a few thoughts about your comment.
Yes, I've been writing about the RSSB guru's involvement in the Singh brothers financial scandal quite a bit in recent years. I find this saga fascinating, and it is a good example of how religious leaders often betray their faith by hypocritical actions -- such as preaching about the need to lead a clean and simple life while amassing lots of money in unsavory ways.
But I've been posting on this blog since 2004. There are literally thousands of posts on subjects other than RSSB and Gurinder Singh Dhillon. You can search my blogs via the Google search box in the right sidebar if you're interested in some subject that I haven't written about for a while.
And I can assure you that I'm looking forward to the RSSB guru/Singh brothers drama coming to an end. I enjoy writing about other subjects more than this one, for sure. That said, I know that lots of people turn to this blog for news and commentary about what's going on with the financial scandal story, in part because many readers of the blog are either current RSSB devotees or previous RSSB devotees.
Anyway, I'm glad that your thinking and mine are similar. It's good to hear from people like you. That encourages me to keep on writing about churchless subjects, since sometimes I wonder if there's more to say than what I've already said. Answer: of course there is!
Posted by: Brian Hines | November 13, 2019 at 09:00 PM
"Head of Hazur Sahib Tara Singh set up PMC Bank in Maharashtra(Punjab and maharashtra co-operative bank) and persuaded religious organisations to park their funds with bank.Ordinary folk followed these religious organisations.Currently in news because Govt have shut up PMC apart from 2 limited withdraws in 6 months.Investigators have found that management set up 22 thousand fake accounts to siphon off 4000 crore ( total funds 8000 crore ) .This only came to light as bank had failed to pay Govt loan of around 1000 crore.Govt made PMC to pay their loan that left no floating money for PMC to service their customers.Sick people can not get their money to pay doctors,many are committing suicides."
Posted by: K.Singh | November 13, 2019 at 03:52 AM
1) The PMC issue came to light when a whistle blower from the bank wrote to the RBI on September 17 warning about the bank’s hidden exposure to the HDIL group. Subsequently, nowsuspended MD Joy Thomas and a few officials at the bank met RBI executive director Rabi Mishra to ask for some time to get their books in order. A central bank inspection of the books on September 20 led to RBI directions.
2)At PMC, about two-thirds of loans are to allegedly a single — and now bankrupt — client in the property business. ~6500 crores lent to this one client out of a total loan book of Rs8000crores and not total assets of 8000crores. SO GO LEARN THE DIFFERENCE BETWEEN LOAN ASSETS AND TOTAL ASSETS.
3) How many PMC customers have committed suicide? Publish a number!!!!!! One doctor who the cops have confirmed is NOT LINKED to the SCAM
Do not treat this website as your toilet to relieve yourself of your shit every few days
No clue about how the wrong doings came to light, what was the wrong doing, what siphoning actually means but can't help but post even if it is FAKE NEWS!!!!!!
Posted by: PMC_depositor | November 14, 2019 at 09:02 PM