He told the commission about contracts awarded by SOEs and money paid to Gupta enterprises.
Holden said a company "made monthly payments to Gupta enterprise front companies".
The State Capture Inquiry heard how a company that received many contracts from state-owned entities (SOEs) made monthly payments to Gupta enterprise front companies, which operated as alleged laundry vehicles.
This was according to Paul Holden, a director of Shadow World Investigations, who appeared for the second time at the Zondo Commission on Monday.
Holden said Combined Private Investigations (CPI) received the contracts between January 2013 and January 2016.
He said, initially, the monthly payments were R500 000.