Businessman Malvinder Singh has alleged that part of the proceeds from the stake sale in Ranbaxy Laboratories Ltd was used by Gurinder Singh Dhillon, the spiritual head of Radha Soami Satsang Beas, to buy real estate.
RHC Holding Pvt Ltd, the holding company controlled by brothers Malvinder and Shivinder Singh, made loans worth ₹5,482 crore to Dhillon's family members, their associates or entities controlled by them, and majority of it was used to purchase bungalows, farm houses, and buildings, according to the complaint filed by Malvinder Singh with the Economic Offences Wing (EoW) of Delhi Police in February.
Dhillon, also popularly known as Baba Ji (Radha Soami ) to his followers, invested in Commercial properties, including a prime 260,000 sq ft land in Delhi (near Select City Walk mall), 80,000 sq feet of property in Ahmedabad, 500,000 sq ft of land in Noida, three farm houses in Asola, and 20 acres of land in Gurgaon (now Gurugram), Singh alleged.
Malvinder Singh and his brother have been accused of financial mismanagement by law firm Luthra and Luthra, which had investigated Fortis Healthcare's books. Subsidiaries of RHC Holding had lent funds to Prius Estate Pvt. Ltd, previously owned by Dhillon's wife Shabnam Dhillon, and his close associate Yuvraj Narain Gorwaney, two people familiar with the developments said.
The same entity was later owned by Dhillon's (Radha Soami) confidant - Rajveer Singh and Gurpreet Sodhi. However, the entity has now moved to two trusts - Jamun tree and Grace Trust. "When the monies 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," said one of the two people close to Singh and his brother Shivinder on condition of anonymity.
In his complaint, Singh shared emails showing that the brothers had given financial advances to Dhillon (Radha Soami), his entities and family. Singh also said that he had repeatedly reached out to Dhillon to "resolve" financial matters. According to an email on July 12, 2018, out of the ₹6,500 crore from the Ranbaxy sale in 2008, the brothers had invested ₹2,500 crore in Fortis, while the rest was given to Godhwani, as per Dhillon's (Radha Soami) directions for deployment in "safe avenues".
"In less than 10 years, not only has the entire initial corpus vanished we have liabilities of over ₹10,000 crore," Singh said. "Today our survival is completely dependent upon support from you," Singh said in the email communication.
Email queries to Dhillon (Radha Soami) did not elicit any response till press time. According to the first person cited above, monies went from RHC to Prius Commercial Projects Pvt Ltd (Saket property) and entities including Pawan Impex Pvt Ltd (Noida properties), Payne Realtors Pvt Ltd (Ahmedabad properties ) Sharan hospitality Pvt Ltd (Mumbai property in Vile Parle), SVIIT Software Pvt Ltd (property in Noida)
 Used Ranbaxy Sale Money on Realty Bets: Malvinder Singh ){kind=link}
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