CEO's Alleged Loan Fraud Unveiled: Waste-to-Energy Project Cast into Doubt

The Green Billions Limited CEO Prateek Kanakia was remanded in custody by the Enforcement Directorate over a Rs 50 crore loan fraud. The loan, intended for a waste-to-energy project, was allegedly diverted for personal use, leading to a money laundering investigation.

Enforcement Directorate remands Prateek Kanakia, CEO of The Green Billions Limited, in custody until January 9. The move follows alleged fraud involving a Rs 50 crore loan from Broadcast Engineering Consultants India Limited (BECIL).

Officials named Kanakia as the main suspect benefiting from the criminal proceeds, highlighting the need for further interrogation to trace the loan's misuse. The investigation's roots lie in a CBI case from September 2024, based on a complaint from the Information and Broadcasting Ministry's vigilance authorities overseeing BECIL.

Allegations indicate Kanakia secured the loan for a Pune Waste-to-Energy project but instead funded a lavish lifestyle, ignoring loan conditions in connivance with BECIL staff. This oversight led to his arrest under the Prevention of Money Laundering Act, with claims of expenditure on luxury vehicles and high-end properties.

(With inputs from agencies.)