Ranbaxy Case: Malvinder Singh furnishes details of Rs 1472.72 crore loan given to Dhillon family to court

The development came days after Malvinder Singh had filed a criminal complaint against sibling Shivinder Singh, spiritual head of the Radha Soami Satsang Gurinder Singh Dhillon and others with the Delhi Police's Economic Offences Wing, alleging financial fraud and threats to kill him. However, Dhillon via an affidavit claimed he owed no money to Malvinder.

Also Read: Don't Owe Any Money To Singh Brothers' Company: Radha Soami Chief Tells High Court

As per recent media accounts, in order to back his complaint, Malvinder Singh has filed an affidavit that stated that a huge amount of money, over Rs 500 crore were transferred from the accounts of Malvinder Singh to Gurinder Singh Dhillon and his family members between 2006 and 2010.

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.

However, the monies advanced by the Best Group directly to the Dhillon family i.e. a sum of Rs 1,472.72, crore along with interest is still outstanding towards the companies of the Best Group, Malvinder told Business Today.

"The same are to be paid back, along with applicable interest at the rate of 14.75 per cent quarterly compounding," Singh stated, adding that this interest rate was mutually accepted.

For instance, the Best Group comprises Best Healthcare Private Limited, Modland Wears Private Limited (JD16), Fern Healthcare Private Limited (JD17), Devera Developers Private Limited, Greenline Buildwell Private Limited, and Adept Lifespace Private Limited.

"The monies received from the Best Group was camouflaged by Dhillon and his family members to appear as if they were clearing their direct debt towards Malvinder and his subsidiaries to window dress that there is no amount receivable from Dhillon and members of his family directly to Malvinder," the affidavit mentioned.

Singh has attached supporting bank statements showing the transaction history of the loans transferred to the Dhillon family.

The affidavit further alleges around December 2017, Shivinder Mohan Singh 'misused' his position, while concealing the precarious financial health of the companies under the Best Group.

"Shivinder Singh misrepresented that this takeover is profitable. However, in October-November 2018, it was pointed out by the auditors that these companies are in fact debt-ridden. These companies had extended financial facilities to either Gurinder Dhillon, his family members, his close associates or the companies owned, controlled or managed by the Dhillon family," the affidavit alleged.