ECIL cheating case: Bail plea of private firm’s CEO rejected
A special court in Mumbai on April 28 rejected the bail application of Prateek Kanakia, the CEO and founder of a Mumbai-based private firm, The Green Billions Limited (TGBL), arrested in a cheating case. His co-accused include former officials of the Broadcast Engineering Consultants India Limited (BECIL), which comes under the Ministry of Information and Broadcasting.
The Central Bureau of Investigation (CBI) in April had also arrested the then chairman and managing director (CMD) of BECIL, George Kuruvilla, and a former general manager, W B Prasad, along with a few others, for allegedly disbursing a venture loan of Rs 50 crore to TGBL, and obtaining an undue advantage of Rs 3 crore.
This was after the CBI received a complaint about a loan sanctioned to BECIL by the Indian Renewable Energ...