ED Conducts Searches In BECIL Loan Defraud Case Involving ₹50 Crore Siphoning

ED is conducting searches in connection with the BECIL-loan defraud case. Searches are underway at 17 locations, including 7 locations in Mumbai and one location at Faridabad. An ECIR was registered by the agency based on the CBI and ACB’s FIR.

About The Case

Broadcast Engineering Consultants India Limited(BECIL) is a PSU under taking of Ministry of Information & Broadcasting. According to the CBI’s case, the then CMD & GM of BECIL, in violation of the laid down SOP, sanctioned a loan of Rs 50 Cr to M/s.

The Green Billions Limited (TGBL), Mumbai, is managed by Pratik Kanakia for the purpose of the Pune Waste Management Project of Pune Municipal Corporation. But the loan funds sanctioned by BECIL were diverted to various other entities and individuals other than for the purpose of the waste management project of PMC, and no project has been implemented, and thereby TGBL and its promoter Prateek Kanakia siphoned off POC to the tune of Rs 50 crores.