Malvinder Accusing Shivinder of Fraud: Delhi District Court seeks Action Taken Report from Police
New Delhi: The feud between Singh brothers over financial fraud in Ranbaxy stake sale proceeds is likely to see further developments as the Patiala House Court, Delhi has recently sought details of the action taken by the Delhi police against former Ranbaxy promoter Shivinder Singh, Radha Soami Satsang Beas (RSSB) chief Gurinder Singh Dhillon, former Religare Chairman Sunil Godhwani, and others.
Delhi police have been directed by Purshottam Pathak, Chief Metropolitan Magistrate to file a report about the action taken against the accused by the next date for hearing ie. December 12.
The direction came after ex-Ranbaxy promoter Malvinder Singh filed a criminal complaint against sibling Shivinder Singh, spiritual head of the Radha Soami Satsang Gurinder Singh Dhillon and others alleging financial fraud and threats to kill him earlier this year.
In his complaint with the Economic Offenses Wing of Delhi Police, Malvinder Singh had alleged that Shivinder Mohan Singh and Sunil Godhwani in conspiracy with other co-accused have carried out and orchestrated serious financial fraud in two other companies – Religare Enterprises Ltd and Religare Finvest Ltd, which caused substantial financial losses.
He had also claimed that the accused misrepresented the financial condition of the companies and conspired with Dhillon family to inflict wrongful loss to the complainant.
The complaint stated that RHC Holding Pvt.Ltd had made loans worth Rs 5482 crore to Dhillon’s family members, their associates or entities controlled by them, and a majority of these were used to purchase bungalows, farmhouses and buildings in various cities.
Soon after this, things turned even more dramatic after Malvinder Singh 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’s complaint was backed by emails showing that the brothers had given financial advances to Dhillon, his entities and family.
Presently, Malvinder and Sunil Godhwani are in the custody of Enforcement Directorate for inquiry in a money laundering case lodged by the agency in relation to the alleged misappropriation of funds of Religare Finvest Ltd (RFL). He will remain in ED custody till November 23, reports Business Today.