[A]: Who is based on the accounts of the scholars? The story can be, but not the scholars themselves. Incorrect usage of the modifier.
[B]: Awkward and wordy, and there is a pronoun reference issue. Incorrect.
[C]: Awkward and wordy and it implies that the activity of using the accounts as the basis and the scholars' actions are separate, whereas they are not. Incorrect.
[D]: 'By the accounts' implies that the scholars' activities were part of the accounts, which is wrong.
[E]: Correct. Uses the modifier correctly (the scholars used the accounts), and is concise as well.
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