The Economic Times daily newspaper is available online now.

    Ranbaxy case: Malvinder Singh provides proof of financial deals with Radha Soami Satsang head

    Synopsis

    The undertrial businessman had earlier filed a complaint against Dhillon, head of Radha Soami Satsang Beas, among others, with Delhi Police’s Economic Offences Wing (EOW) for allegedly siphoning off proceeds from the sale of Ranbaxy Laboratories.

    Malvinder Singh
    In an affidavit filed in the Delhi High Court last week, Singh submitted that Dhillon and his family members owed Rs 1,472.72 crore along with interest to him.
    NEW DELHI: Former promoter of Ranbaxy, Malvinder Singh has filed an affidavit in the Delhi High Court detailing transaction details of loans he gave to Gurinder Singh Dhillon and his family to back his complaint against the spiritual guru.

    The undertrial businessman had earlier filed a complaint against Dhillon, head of Radha Soami Satsang Beas, among others, with Delhi Police’s Economic Offences Wing (EOW) for allegedly siphoning off proceeds from the sale of Ranbaxy Laboratories.

    In an affidavit filed in the Delhi High Court last week, Singh submitted that Dhillon and his family members owed Rs 1,472.72 crore along with interest to him.

    Between 2006 and 2010, more than Rs 500 crore were directly transferred from his accounts to Dhillon and his family members, Singh claimed in the affidavit.

    Further, approximately Rs 488.83 crore were advanced as loans to Dhillon and his family members between 2011 and 2016 through companies of Best group, he claimed.

    Best group – which includes Best Healthcare, Modland Wears, Fern Healthcare, Devera Developers, Greenline Buildwell, and Adept Lifespace – was not owned by Singh at the time of advancement of loans. Earlier Malvinder had in a complaint filed with EOW alleged that his brother had fraudulently acquired Best group companies under RHC holding, which was Singh brothers holding company.

    “The monies received from the Best group was camouflaged by Dhillon and his family members to appear as if they were clearing their debt towards answering respondent and its subsidiaries with a view to window dress and attempt to show that there is no amount receivable from Dhillon and members of his family to the answering respondent,” SINGH’S affidavit said.

    ET has seen the copy of the affidavit.

    Singh has attached supporting bank statements showing transactions history of the loans transferred to the Dhillon family, and claimed Rs 1,472.72 crore remained outstanding towards Best group as on March 2020.

    Earlier Dhillon had filed an affidavit claiming that he did not owe money to Singh.

    Singh has also accused his brother Shivinder Singh, family members of Dhillon and his former associates Sunil and Sanjay Godhwani of conspiring to misappropriate funds.

    The Singh brothers are at present in judicial custody and are also facing contempt proceedings in the Supreme Court of India.


    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News, Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more

    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News, Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more
    The Economic Times

    Stories you might be interested in