Asia Tech Wire (Feb 21) -- India's market regulator found a hole of more than $240 million in the accounts of media company Zee Entertainment Enterprises Ltd., according to Bloomberg.

Citing people familiar with the matter, Bloomberg reported that the Securities and Exchange Board of India (SEBI), while investigating Zee founders, found that about 20 billion rupees ($241 million) may have been diverted from the company.

Notably, the amount was ten times higher than what SEBI investigators had initially estimated.

The regulator has been calling in Zee executives to set out their position.

Sources close to the matter said the size of the hole in Zee's accounts could change after SEBI reviews the responses of the company's executives.

SEBI is due to issue its final findings and penalties against Zee in mid-April, the people said.

In response, Zee said in a statement that "reports and rumours pertaining to accounting issues in the Company are incorrect and false", adding that it was providing all information requested by SEBI.