The Supreme Court is investigating a suspected nexus between banks, ARCs, and borrowers regarding large loan write-offs.
A case involving a Rs 1,537 crore debt settled for just Rs 73.50 crore prompted the top court to seek responses from the Centre and the RBI.
Forensic audits of a Noida-based firm revealed over Rs 902 crore was allegedly diverted through shell companies and fraudulent transactions.
The court is considering the formation of a high-level commission involving the CBI, ED, and SFIO to probe the alleged banking fraud.