The Investigating agency had registered a case in the matter on the basis of a complaint of Punjab National Bank.
During the investigation, it was alleged that the accused persons fraudulently used more than 100 shell companies for round tripping and diversion of Bank funds. According to the CBI, there was no genuine business transaction between the private firm and Shell Companies.
Besides, the firm also allegedly diverted about 376 crore rupees from consortium of Banks to foreign subsidiaries based at Singapore, Hong Kong, Dubai, Indonesia, Ghasa and China. Further investigation in the matter is underway.