The boss of a collapsed £2bn shadow bank has been accused of using a network of fake companies to steal money from the company’s creditors.

Paresh Raja, the founder of Market Financial Solutions (MFS) is alleged to have used eight companies to extract money from creditors on false pretences, a legal filing from a creditor group alleges.

The creditors claimed that while the eight were purported by MFS to be “genuine borrowers” they were in fact “closely connected with” MFS.

Creditors to MFS successfully placed these eight companies into administration on Tuesday.

Six of the eight are owned by two individuals who are connected to Magus Chartered Accountancy, a small London-based firm that appears to play a central role in the MFS saga.

On Sunday, The Telegraph revealed that Magus acted as accountants for MFS while also appearing to serve as the owners of a large number of companies that received the MFS loans.

MFS was placed into administration late last month amid what a judge called “very serious” allegations of fraud.

As a so-called shadow bank, MFS did not take deposits and instead funded its loans by borrowing from itself.

A cast of high-profile banks – including Santander, Wells Fargo, Jefferies and Barclays – backed MFS.

Its demise not only shocked the City, but has prompted the Bank of England to investigate the circumstances of the collapse.

On Wednesday, another company owned by a Magus director was successfully placed into administration based on that it appeared to have been controlled by Mr Raja himself and was used to “perpetrate fraudulent wrongdoing”, according to legal filings seen by Bloomberg.

More than 130 companies linked to Magus have received loans from MFS, according to a Telegraph analysis of Companies House filings, which could represent up to a fifth of MFS’s total clients.

Of the companies controlled by Magus, more than half received loans from different MFS lenders on the same day, secured by the same property.

In their claim, the creditors warned that lending to connected borrowers, as well as the “double-pledging” of collateral to secure multiple loans, has led to a hole in MFS’s accounts of more than £1.3bn.

Established in 2002, Magus’s own accounts show it had just two employees.

Mike Stubbs, a partner at Mishcon de Reya, legal counsel to Paresh Raja, said: “Mistakes have been made but there has been no intention to defraud whatsoever and Mr Raja has not been the beneficiary of any shortfall (if any) there may be.”

“These allegations are based on fundamental misunderstandings and assumptions and are materially incorrect,” Mr Stubbs added.

“Both Mr Raja and Mr Hurhangee will fully and happily assist the liquidators of Twinwin, indeed are already doing so.”

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