Special judge while rejecting Nawandar’s bail plea observed “... in light of an apparent chain or maze of entities through which these funds may have been funneled/ diverted/ round-tripped/ invested is inevitably a painstaking and sequential exercise. Multiple persons are reasonably to be expected to emerge as having participated in the fraud which allegedly commenced with the obtaining of these loans, continues with the diversion of the same and may still not have concluded in as much as the funds may still be in circulation or may, at the very least, be still undiscovered,”the order read.