ED Raids In ₹50 Crore BECIL Loan Scam: Web Of Corruption Behind IREDA-Funded Project
Mumbai: The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations in connection with an alleged Rs 50 crore loan fraud involving Broadcast Engineering Consultants India Limited (BECIL), a central public sector enterprise under the Ministry of Information and Broadcasting.
The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, across seven premises in Mumbai and one in Faridabad. The operation aims to trace the proceeds of crime and gather further evidence related to financial irregularities uncovered during the investigation.
The ED’s current action stems from a First Information Report (FIR) registered by the Central Bureau of Investigation’s Anti-Corruption Branch (CBI-ACB), along with revelations made during the custodial interrogation of recently arrested government officials.
The CBI initiated its investigation following a complaint lodged by the Joint Secretary and Chief Vigilance Officer, Ministry of Information & Broadcasting. On September 3, 2024, the CBI registered a case against several individuals, including George Kuruvilla (then CMD, BECIL), W.B. Prasad (then GM, BECIL), Ashish Pratap Singh (then Legal Advisor, BECIL), Sudhir Chauhan (then Consultant, BECIL), and Prateek Kanakia (CEO & Founder of Mumbai-based M/s The Green Billions Limited – TGBL), along with unknown others. They have been booked under charges of criminal conspiracy, cheating, forgery, destruction of evidence, and offences under Section 7 of the Prevention of Corruption Act, 1988 (as amended in 2018).
According to ED officials, following the CBI’s findings, the ED registered an Enforcement Case Information Report (ECIR) in October 2024 and simultaneously launched a parallel investigation into suspected money laundering and diversion of public funds. The current searches are part of this ongoing probe, running concurrently with the CBI’s investigation.
According to officials the Indian Renewable Energy Development Agency (IREDA) sanctioned a loan of Rs 50 crore to BECIL for executing projects in waste management, LED smart lighting, smart metering, and other initiatives. Further, BECIL executed an agreement with a private company, namely M/s. The Green Billions Limited (TGBL), Mumbai, for the execution of a solid waste management contract for the Pune Municipal Corporation (PMC).
The investigation revealed that BECIL’s then Chairman and Managing Director (CMD), George Kuruvilla, and then General Manager (GM), W.B. Prasad, both of whom have been arrested by the CBI, allegedly violated standard operating procedures in the disbursement of Rs 50 crore, from the IREDA-sanctioned funds to The Green Billions Limited (TGBL), a Mumbai-based firm led by co-accused Prateek Kanakia. The funds were intended for a solid waste management project proposed by the Pune Municipal Corporation (PMC). However, no work was executed on the ground. Instead, the entire amount was allegedly siphoned off and routed to unrelated individuals and entities.
The CBI investigation further revealed that in 2022, the accused entered into a criminal conspiracy. In furtherance of this conspiracy, Kuruvilla sanctioned and facilitated the disbursal of the Rs 50 crore venture loan to TGBL and, in return, allegedly received an undue advantage of Rs 3 crore from co-accused Prateek Kanakia.
A week ago, the CBI had arrested George Kuruvilla and W.B. Prasad, both former senior BECIL officials. They were produced before the Special CBI Court in Mumbai and remanded to CBI custody. Earlier, on March 24, 2025, Prateek Kanakia, CEO of TGBL, was also arrested and initially remanded to police custody till April 1. In light of the arrest of the public servants, a fresh remand was sought for Kanakia. The Special CBI Court, Mumbai, granted his further police custody for three days on April 17, 2025, until April 19, 2025 in this alleged 50 crore loan fraud case.
Sources confirmed that the ED’s raids were prompted by disclosures made during custodial interrogation of arrested officials and Kanakia. The ED is now focused on tracking the money trail and identifying other beneficiaries and co-conspirators.
The probe revealed further irregularities, including the submission of a forged Performance Bank Guarantee (PBG) by TGBL,The investigation revealed that, as per the terms and conditions, TGBL was mandated to submit a Performance Bank Guarantee (PBG) worth Rs 25 crore, an indemnity bond, blank dated cheques amounting to Rs 45 crore, consent for hypothecation of plant and machinery, and a lease deed for the land in order to officially accept and execute the proposal. TGBL submitted a purported Performance Bank Guarantee (PBG) from Punjab National Bank. However, during verification, PNB officially confirmed that no such guarantee had been issued, confirming that the document was forged.
news