Less known is the massive debt they took on to do so, all while they were financing a real-estate portfolio largely owned by their guru’s family. and financial firm Religare Enterprises Ltd.-at breakneck speed after reaping $2 billion from the Ranbaxy sale. The Singhs are famous for expanding their two public firms – hospital operator Fortis Healthcare Ltd. “Legitimate business people may not want to come to India.” “This opacity makes for risk,” said Arun Kumar, an economist with the New Delhi-based Institute of Social Sciences. But the brothers’ story is a cautionary tale to anyone doing business in India, offering a window into the opaque corporate structures common in the family dynasties that dominate Indian commerce. The Singhs’ downfall comes as Prime Minister Narendra Modi pushes to increase transparency and attract more foreign investment to the world’s fastest growing major economy. Dhillon hasn’t been accused of any wrongdoing.Īll members of the spiritual commune, including the guru, are expected to support themselves financially, and the sect’s representatives said the Master’s business dealings are a personal matter separate from his role at the spiritual group. Since then, the finances of the spiritual leader and the brothers have grown intertwined, with money flowing from the Singhs to the Dhillon family via loans through shell companies and an array of arcane financial instruments, according to the documents and people familiar with the matter, who asked not to be named because of the ongoing legal probes. Both deny any wrongdoing.ĭhillon is a cousin of the Singhs’ mother, and he became a surrogate father to them after the death of their own in the late 1990s.
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