Mumbai businessman Prateek Kanakia arrested by ED in ₹50-crore loan fraud linked to Pune waste management project
Enforcement Directorate Arrests Businessman in Money-Laundering Case
MUMBAI: The Mumbai unit of the Enforcement Directorate (ED) arrested businessman Prateek Kanakia on Tuesday. This arrest is part of a money-laundering investigation related to a ₹50-crore loan. The loan was given by Broadcast Engineering Consultants India Limited (BECIL) to Kanakia’s firm, The Green Billions Limited (TGBL), for a civic waste management project in Pune.
Kanakia was presented in a special court and is now in ED custody until Friday, according to agency sources.
Background of the Investigation
The ED’s investigation follows a case registered by the Central Bureau of Investigation (CBI) on September 3, 2024. The CBI filed a first information report based on findings from a preliminary enquiry. This enquiry began after a complaint from vigilance authorities at the information and broadcasting ministry in New Delhi. BECIL is a central public sector enterprise under this ministry.
According to the FIR, the Indian Renewable Energy Development Agency (IREDA) sanctioned an ₹80 crore loan to BECIL. This loan was for projects in Pune related to waste management, LED smart lighting, and smart metering. The CBI’s investigation revealed that in 2022, Kanakia, former BECIL chairman George Kuruvilla, and former BECIL general manager WB Prasad conspired to disburse the ₹50 crore loan to TGBL as part of this alleged conspiracy.
Allegations and Consequences
Agency officials claim the case involves a bribe transaction of ₹3 crore. They also stated that the ₹50-crore loan was given without genuine security and violated standard operating procedures. The loan was not used for its intended purpose and was not returned to BECIL, resulting in a wrongful loss of ₹58 crore to BECIL.
Kanakia, Kuruvilla, and Prasad were arrested by the CBI in April 2025. They face charges under relevant sections of the Bharatiya Nyaya Sanhita and the Prevention of Corruption (PC) Act. Earlier in April 2025, the ED conducted searches at seven locations in Mumbai and one in Faridabad, Haryana, as part of its money-laundering investigation.
| Detail | Information |
|---|---|
| Arrested Individual | Prateek Kanakia |
| Loan Amount | ₹50 crore |
| Loan Provider | BECIL |
| Project Location | Pune |
| Investigation Start Date | September 3, 2024 |
| Bribe Amount | ₹3 crore |
| Loss to BECIL | ₹58 crore |
| Arrest Date | April 2025 |
