In addition, there had been strange events involving alterations in the status of the directors of the fraudulent companies, changes in  14  BIS central bankers’ speeches  company names which the banks had ignored, and no checks had been made on whether the companies had appropriate licences for the activities in which they were involved.
The RBI report in its recommendations called for extension of the powers of the Bank in line with those of the Financial Services Commission under the Financial Services Act of 2007. This would allow it to take legal proceeding against such fraudsters and to freeze their assets.