Non-profit Patanjali Yogpeeth Nepal’s trustee Singh found to be profiting from loan investments
Patanjali Yogpeeth, which claims to be a non-profit organization for yoga and Ayurveda education in Nepal, has been found to be involved in investing money in a cyclical interest rate system.
According to documents obtained by epardafas, Shaligram Singh trustees of Patanjali Yogpeeth Nepal, invested five crore rupees in a compound interest system to a gold businessman in Naya Sadak. In a written agreement dated January 4, 2022, it was stipulated that the businessman had borrowed five crore rupees from Shaligram Singh for a duration of four months. Balram Upreti had witnessed the agreement.
It appears that an agreement has been reached to obtain a loan of five crore rupees at a 12 percent interest rate. Additionally, it has been stated that Singh has provided gold jewelry with diamonds as collateral, which is valued at the same amount as the loan.
According to sources close to the businessman, Trustee Singh allegedly received an initial payment of Rs 15 lakh in cash, which he referred to as a service fee. Furthermore, he reportedly took an additional Rs 5 lakh, which was not accounted for in the original calculation. The trustee’s demands have caused mental stress, as he is insisting that the 12 percent interest amount specified in the agreement must be deposited directly into Yogpeeth’s account, while the remaining 24 percent should be paid in cash to the merchant.
In the documents that have been secured with epardafas, a check amounting to five crore rupees from SBI Bank’s Maharajgunj branch in Nepal, made out to Patanjali Yogpeeth, was issued in the name of Lucky Jewelers Company, the proprietor of the business. The purpose behind a purely non-profit organization such as Patanjali Yogpeeth receiving a payment of five crore rupees from a gold and silver businessman is now the subject of another investigation.
On January 4th, 2022, a check for the amount of five crore rupees was issued from the account number 20425240200199 belonging to Patanjali Yogpeeth. The recipient of the check was Lucky Jewelers located on New Road. Subsequently, the jewelers have made multiple payments of the same amount to the aforementioned account through various banks. (see statement)
However, after the principal and interest have been paid according to the rules, Trustee Singh bounced the check given by Lucky Jewelers and is pressing for an additional payment of Rs 1 crore 70 lakh 22 thousand 84. This amount is for interest till 9 April, 2023. The amount of the last four months is added to this amount at the rate of 24 percent. According to a close associate of the businessman, 12 percent of the aforementioned amount will be deposited in the bank, while Trustee Singh is demanding the remaining sum in cash.
To the epardafas, the individual who is in close proximity to the businessman stated, “The businessman accepted the money on behalf of his registered company when he faced difficulties. If the money needs to be deposited, the company will deposit it in the same bank account from where it was withdrawn. However, if the money is given in cash to an individual, it raises the question of which account will be reported to the government.”
Despite numerous attempts by epardafas to reach out to Shaligram Singh over the last few weeks, he has made himself inaccessible. Despite trying to contact him through his NTC post-paid number, mobile phones, and office numbers, he has blacklisted the mobile number and ignored calls made from the landline.
It should be noted that the Indian group has informally withdrawn from Patanjali Yoga Peeth, which was established in Nepal under the name of Indian yoga guru Ramdev and Acharya Balakrishna. However, Yogpeeth is still utilizing the popularity and trust of both figures.
Shaligram Singh, the trustee of Patanjali Yoga Peeth, has maintained close relationships with the Prime Minister’s Office, current and former Prime Ministers, Ministers, and the heads of all four security agencies for yoga. This incident has raised concerns about the contradictions between his seemingly simple lifestyle and his unethical behavior.