An alleged fraud at collapsed Arena Television has left some 50 lenders, including HSBC, millions out of pocket.
The broadcasting company is suspected of concocting thousands of fake assets, in order to score nearly £300m in loans, The Times first reported.
Banks, such as NatWest-owned Lombard, Shawbrook, ABN Amro and Lloyds, have also reportedly been caught up in the affair.
Just nine of the 55 lenders to Arena reportedly have any verified assets supporting their loans.
The broadcaster, which went under in November, “does not hold the vast majority of assets” allegedly borrowed against, according to a filing.
Some 46 of the lenders, which are owed a combined £182m, reportedly “do not have recourse to any assets” underlying their lending, administrators said, with there being a lack of “several thousand assets”.
Shawbrook is owed £34.6m, HSBC is owed £29.5m, Lombard is owed £24.2m, and ABN Amro is owed £22.6m.
Member of the Commons’ Treasury select committee, Kevin Hollinrake told The Times that the Financial Conduct Authority must “undertake urgent inquiries”, calling the administerial findings “absolutely shocking”.
“Failure to check the security for loans indicates potentially systemic problems with the processes, checks and balances within these lenders,” he added.
Arena, established in 1988, has worked on sports and events coverage, including ITV Sport’s European football championship and the FA Cup for the BBC.