Mumbai: The Enforcement Directorate (ED) has arrested Prateek Kanakia, CEO of The Green Billions Ltd (TGBL), for money laundering allegations in connection with the Rs 50 crore loan fraud case linked to Broadcast Engineering Consultants India Ltd (BECIL).
The agency has claimed that funds were used to maintain a lavish lifestyle, to purchase luxury vehicles, and high-end residential properties in Mumbai and Delhi. Kanakia was booked by the CBI in September 2024, following which ED too began a probe into money laundering. The agency claimed the loan was taken for a waste-to-energy project in Pune but misused.
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The ED arrested Kanakia on Monday evening and he was produced before the court on Tuesday. ED prosecutor Abhinav Tiwari sought his custody, contending that he is the primary beneficiary of the proceeds of crime. The court remanded him to ED custody till January 9.
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