While the Chandrans ostensibly controlled these OCBs, namely Brentfield Holdings, Kensington Investments and Wakefield holdings, the introductions for their bank account were made by Triumph International (then a Ketan controlled entity). We learn that the Enforcement Directorate has obtained confessions from the Chandrans about the nature of their links to Parekh. No formal action has been initiated yet. Five years ago, Sebi reports had claimed that these OCBs had transferred a whopping Rs 2,900 crore out of the country. My sources however believe that a big chunk of that money went into paying off Ketan's financiers who allegedly extracted the money through dubious means.

The Central Bureau of Investigation (CBI) is also trundling along with its investigations and is understood to be on the verge of filing fresh cases in connection with the Global Trust Bank collapse. A few months ago it charged several officials of SBI Mutual Fund with manipulation of Padmini Polymer shares in which Parekh had a substantial stake.

The Serious Frauds Investigation Office (SFIO), operating under the Ministry of Company Affairs also claims to have investigated 16 corporate entities associated with Parekh. The names of all these companies and the manner in which they diverted bank and institutional borrowing — from Global Trust Bank, UTI and ICICI Bank — was well documented during the scam investigations. Six years later, we have two media reports about completion of SFIO's investigation but no action. Many of the companies then connected with Parekh have moved on and in the race for sensitive e-governance contracts of the government.

... contd.