Major diversion of funds by one of country's top cement companies, Jai Prakash Industries Limited (JPIL), has come to light with the Securities Exchange Board of India (SEBI). It is also suspected that the funds have been used for buying of shares of the company by promoters to artificially jack up their price. According to institutional sources, JPIL has taken loans worth Rs 1,309 crore from various banks and financial institutions and through NCDs. Of this, Rs 834.50 crore has been invested by JPIL in equities of various companies out of which a whopping Rs 800 crore (approx) has been placed with the parent company's subsidiaries alone.