Mumbai: The Enforcement Directorate (ED) has initiated an investigation into money laundering against former CMD and other persons of the government company Broadcast Engineering Consultants India Limited (BECIL). The agency raided seven places in Mumbai and one place in Faridabad. Investigation is going on in the corruption case lodged by the CBI against the accused.
The investigation is related to alleged irregularities in payment of Rs 50 crore made by BECIL to TGBL by BECIL for solid waste management projects of Pune Municipal Corporation. It is alleged that CMD and GM received a commission to benefit TGBL, while Kanakia misused the loan amount for private use, which included the renewal and construction of a bungalow on Prithviraj Road in Delhi and his corporate office at ‘One BKC’ in Mumbai.
BECIL received a loan of Rs 80 crore
The investigation was initiated after the complaint of Joint Secretary and Chief Vigilance Officer, Ministry of Information and Broadcasting. The complaint revealed that the government agency Indian Renewable Energy Development Agency Limited (EREDA) approved a loan of Rs 80 crore to BECIL for various projects including waste management, LED smart lighting and smart metering.
Fake bank guarantee
BECIL signed an agreement with TGBL, Mumbai for solid waste management works of Pune Municipal Corporation. BECIL paid Rs 50 crore to TGBL in three installments without providing proper security. The accused presented fake bank guarantee and misused money. The TGBL failed to start the project or return the funds, causing financial loss to BECIL.
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