The special CBI court has rejected the bail plea of Prateek Kanakia, CEO of The Green Billions Limited (TGBL), arrested in connection with a Rs50 crore loan fraud case linked to Broadcast Engineering Consultants India Limited (BECIL). The court observed that there has been an attempt to conceal the evidence. The court further said it appears that the investigation is at a nascent stage.
AS per the prosecution case, Indian Renewable Energy Development Agency Limited (IREDA) sanctioned a loan of Rs80 crores to BECIL for executing a project relating to waste management. It is alleged that out of an amount of Rs80 crores, BECIL sanctioned a loan of Rs50 crore to TGBL and a joint venture agreement was entered.
As per the agreement, the TGBL was to carry out the work contract for the execution of Pune Municipal Solid Waste Management. Subsequently, the agreement was cancelled. TGBL agreed to refund the loan amount but failed to do so, and Kanakia, being the CEO of the company, was arrested.
