ED took up the investigation on the basis of Central Bureau of Investigation's (CBI) first information report against SPS Steel Rolling Mills, Bipin Kumar Vohra, the beneficial owner of the company and others for defrauding a consortium of eight banks led by Allahabad Bank in Kolkata for around ₹550 crore.

The investigation under PMLA revealed that the defrauded amount was fraudulently siphoned through formation of shell companies. The accused also diverted the loan amount in their various other existing business activities running five-star hotels, security agencies and also for repayment of earlier debts.

After investigating movable assets consisting shares and immovable assets consisting of three luxurious apartments, office building and land were found to be proceeds of crime and accordingly provisional attachment order was issued, the ED press release stated.