Bhullar carded a total of 20-under but despite his valiant effort fell three shots short of the South African.
The South African shot a 10-under 62 to open up a three-stroke lead over China's Wenchong after the third round in Greater Noida.
The Indian was the best-placed Indian at four-under after seven holes.
Bhullar sealed the deal with a flawless five-under 67 to win.
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