DCB Bank Ltd., a private bank approached S. K. Singhi & Co. to advise them in the matter of a purported fraud in issuance of Letter of Credit for import of pulses and other items by one an importer. The magnitude of the fraud was to the extent of ` 600 Crores plus, involving various private and nationalised banks. The fraud also involved three public sector undertakings i.e., PEC Ltd. , MMTC Ltd. & STC Ltd. As intermediaries.

S. K. Singhi & Co., advised Bank to initiate various proceedings including the criminal proceedings against the importer as well as the intermediaries. The proceedings culminated into registration of an FIR under the order of the Court. Matter was thereafter transferred to the DD Department, Bank Fraud Section, Police Head Quarters.

The investigation finally resulted in the arrest of the accused directors of the importer who are now under the judicial custody.