Indian Tycoon Accuses Brother, Radha Soami Gurinder Dhillon of Fraud

Former Indian billionaire Malvinder Singh has filed a criminal complaint accusing his younger brother of siphoning funds from their family holding company and fraudulently diverting them to a renowned spiritual guru, the latest twist in the unraveling of a $2 billion empire.Shivinder Singh allegedly directed the holding company to acquire debt-ridden firms which collectively lent 10 billion rupees ($140 million) to the family and associates of their guru, Gurinder Singh Dhillon, according to a complaint filed to the Economic Offenses Wing of the New Delhi police seen by Bloomberg. In return, the younger Singh was promised he would succeed the guru as head of one of India’s most powerful spiritual sects, according to the document.The public fight between the former billionaire brothers follows the collapse of one of India’s most storied business families that once controlled the nation’s top drugmaker and second-largest hospital chain. The siblings have lost much of their corporate empire to debt, and are still being chased by creditors. Meanwhile, India’s stock market regulator and fraud office have open investigations into wrongdoing at companies the brothers used to run.

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