Speaking first about the company, Peri found that although it had been incorporated on 30 March 2015, the company had not ran operations till at least 31 March 2017, at which point its revenue was slated at Rs 15,000.

The signatories of the company are Jinand Shah and Vikas Shah. Another director on the board, Vinod Modha, works as a strategic advisor for corporates, including Nirma and Mudra, which was earlier owned by Anil Ambani.

The questions asked by Peri in his post regarding this was, how was this company, that is based in Ahmedabad, selected to be a part of this scheme, considering it wasn’t operational till at least 2017? What were its qualifications?

“How was such a massive project trusted to a company with no experience? What were the terms of the contract? Any projections on how much Capitaworld makes?” he asked.