Before the commission met, the magazine India Today expressed some doubts about the official version of events, with questions on the bank's conduct, Nagarwala's past and his ability to imitate Gandhi's voice, and instead proposed in "one possible reconstruction" that he was an undercover courier funneling money to support guerillas in Bangladesh on behalf of the state and the government was washing their hands clean of him after a deputy cashier had reported his activity to the police. In 1978 the Commission issued an 820-page report on the matter. According to the report, the bank had kept private, unaccounted assets and Gandhi's office had obstructed the police investigations, but there was no evidence that she had been kept money at the bank in this manner.
Prior to the commission meeting, India Today expressed doubts about the official account of events surrounding the bank and Nagarwala's involvement. They questioned the bank's conduct, Nagarwala's past, and his ability to impersonate Gandhi.  India Today proposed a different scenario, suggesting that Nagarwala was an undercover courier transferring funds to support guerillas in Bangladesh on behalf of the state, with the government attempting to distance itself from him after a deputy cashier reported his activities to the police.