The Enforcement Directorate (ED) detained Prateek Kanakia, CEO of The Green Billions Limited (TGBL), for allegedly misusing a loan from a public sector undertaking intended for a waste-to-energy plant for the Pune Municipal Corporation (PMC). Kanakia, arrested on January 1, 2026, faces charges of money laundering under the Prevention of Money Laundering Act.
Following investigations, it was found that Kanakia fraudulently diverted a Rs 50 crore loan from Broadcast Engineering Consultants India Limited (BECIL), causing financial harm to the government entity. The ED revealed that the accused, in collaboration with former BECIL employees, obtained the credit facility using falsified documents for the waste-to-energy project without meeting the required conditions.
The funds, instead of being used for the designated project, were allegedly misappropriated for personal expenses, enabling Kanakia to lead a luxurious lifestyle. The ED stated that no work was carried out at the project site, as confirmed by Pune Municipal Corporation officials, while the accused purportedly used the embezzled funds for extravagant personal expenditures.
