Malvinder Singh alleged that Dhillon invested the funds in commercial properties, including a prime 260,000 sq. ft land in Delhi (near the Select City walk mall), 80,000 sq.ft of property in Ahmedabad, 500,000 sq.ft of land in Noida, three farmhouses in Asola and 20 acres of land in Gurgaon.
New Delhi: The long dispute between the former Fortis Healthcare Ltd promoters, Malvinder Singh and Shivinder Singh has turned dramatic with allegations one after the other. According to a recent media report, elder brother Malvinder Singh has now alleged that parts of the proceeds from the stake sale in Ranbaxy Laboratories Ltd were used by the spiritual head of Radha Soami Satsang Beas, Gurinder Singh Dhillon to purchase real estate.
Malvinder Singh and his brother Shinvinder Singh are promoters of RHC Holding Pvt. Ltd. RHC Holding Pvt Ltd is a non-banking financial company owned by the families of Singh Brothers.
According to Live Mint, the complaint filed by Malvinder Singh with the Economic Offences Wing of Delhi Police in February, states that RHC Holding Pvt.Ltd has made loans worth Rs 5482 crore to Dhillon’s family members, their associates or entities controlled by them, and a majority of these was used to purchase bungalows, farmhouses and buildings in various cities.
Malvinder’s complaint was backed by emails showing that the brothers had given financial advances to Dhillon, his entities and family.
Malvinder alleged that Dhillon invested the funds in commercial properties, including a prime 260,000 sq. ft land in Delhi (near the Select City walk mall), 80,000 sq.ft of property in Ahmedabad, 500,000 sq.ft of land in Noida, three farmhouses in Asola and 20 acres of land in Gurgaon.
Medical Dialogues had earlier reported that Malvinder Singh had filed a criminal complaint before the Economic Offences Wing against his brother Shivinder Singh, spiritual head of the Radha Soami Satsang Gurinder Singh Dhillon and others alleging financial fraud and threats to kill him.
The other people who were named in the complaint include Gurkirat Singh Dhillon, Gurpreet Singh Dillon, Shabnam Dhillon, Godhwani kin – Sunil and Sanjay.
Dhillon’s wife, Shabnam Dhillon previously owned subsidiaries of RHC Holding had lent funds to Prius Real Estate Pvt. Ltd, along with her close associate Yuvraj Narain Gorwaney, two people familiar with the developments told LiveMint.
The same entity was later owned by Dhillon’s confidants—Rajveer Singh and Gurpreet Sodhi. However, the entity has now moved to two trusts, Jamuntree and Grace Trust.
“When the money went from RHC to Prius Real Estate, it was owned and controlled by the Dhillon family and these decisions were directly taken by Sunil Godhwani as he was running RHC,” one of the two people close to Malvinder Singh and his brother told the daily on condition of anonymity.
Malvinder Singh and Shivinder Singh have also been accused of financial maladministration by law firm Luthra and Luthra, which had investigated Fortis Healthcare Ltd’s books.