Overview

• The ED conducted searches at seven premises in Mumbai and one in Faridabad under the Prevention of Money Laundering Act (PMLA).
• The investigation involves the ₹50 crore loan sanctioned by IREDA to BECIL, which was allegedly diverted without any project execution.
• Key arrests include former BECIL CMD George Kuruvilla, GM W.B. Prasad, and TGBL CEO Prateek Kanakia, with allegations of forged documents and procedural violations.
• TGBL submitted a forged Performance Bank Guarantee from Punjab National Bank as part of the loan process, confirmed as fake by the bank.
• The ED's current focus is on tracing the money trail, identifying additional beneficiaries, and gathering evidence of financial irregularities.