Overview
- Prateek Kanakia, CEO of The Green Billions Limited, was remanded to Enforcement Directorate custody until January 9 by a special PMLA court in Mumbai.
- The ED alleges diversion and laundering of roughly Rs 47.32–50 crore that it says was intended for the Pune Municipal Corporation’s waste-to-energy project.
- According to the agency, loan disbursal conditions were ignored, including a required Rs 25 crore Performance Bank Guarantee, allegedly with help from BECIL officials.
- The remand plea says a substantial share of the loan proceeds funded a lavish lifestyle through luxury vehicles and high-end residences in Mumbai and Delhi.
- The money-laundering case stems from a CBI FIR filed in September 2024 that also led to earlier arrests of former BECIL officials, while Kanakia’s lawyers deny wrongdoing and contest the need for custody.