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. They owe $500 million over fraud allegations related to the 2008 sale of drugmaker Ranbaxy Laboratories. They’re under a criminal probe by financial authorities over Rs 2300 crore missing from their listed companies. They’ve had their public shareholdings seized by lenders. Heirs to a generations-old business house once worth billions, the brothers have in the last six months seen a dramatic fall in their fortunes.
Some of those outlays were financed with money borrowed from the Singhs’ listed companies, and when combined with other Singh investments gone bad threw their empire into a debt spiral, a Bloomberg News analysis of public records and interviews with 10 people familiar with the finances of both camps showed. Over the years, the brothers’ main holding company loaned about Rs 2500 crore ($360 million) to the Dhillon family and property businesses largely controlled by them, according to documents and people familiar with the matter.
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