It remitted the loan to VEDL as a 24-month 12 per cent loan, with the spread intended to cover the sham operation's costs," Viceroy Research said in its report. "VSPL, superficially an operating entity, would face reduced scrutiny for loan repayments under FEMA, Companies Act, PMLA and AML frameworks. VSPL will likely have to continue these sham operations until FY27, when the loans fall due and repayment will have to be routed back through it. If at any point the regulators intervene at VSPL, the lender group is likely facing a total wipeout," it further alleged. Earlier this week, Viceroy Research levelled fresh allegations against Vedanta Group, accusing the company's promoters of holding an undisclosed stake through a welfare trust to recycle funds. The company in question is PTC Cables Pvt. Ltd (PTCC), which holds a 1.91 per cent stake in Vedanta Ltd, that has a market cap of Rs 1.75 lakh crore.