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Indian Tycoon Accuses Brother, Spiritual Guru of Fraud

  • Singh brothers have lost much of corporate empire to debt
  • Complaint accuses Shivinder Singh of diverting funds to guru
Malvinder Singh
Malvinder SinghPhotographer: Brent Lewin/Bloomberg
Updated on

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.