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Hindustan Times
24-05-2025
- Business
- Hindustan Times
CBI charge sheets former public servants in loan fraud, bribery case
MUMBAI: The Central Bureau of Investigation (CBI) on Friday submitted its charge sheet in a Mumbai court against five persons, including the former chairperson and managing director (CMD) of public sector enterprise, BECIL (Broadcast Engineering Consultants India Limited), Noida, and the founder of a Mumbai firm, in a case linked to alleged irregularities in the sanction and disbursal of multi-crore loans and bribery transactions. The CBI probe found that George Kuruvilla, former CMD of BECIL, was allegedly paid undue advantages of ₹3 crore by an official of a Mumbai-based firm called Green Billions Limited, for favours. The CBI's Mumbai unit had initiated its probe on September 3 last year, based on a reference from the Union ministry of information and broadcasting, to probe alleged irregularities in the sanction and disbursal of a venture loan of ₹50 crore by the then CMD to the Mumbai firm, which remained outstanding. The CBI charge sheet was filed against the then CMD, George Kuruvilla, BECIL's then general manager (GM) WB Prasad, BECIL's then legal advisor Ashish Singh, Mumbai-based firm Green Billions Limited, and the firm's then chief executive officer (CEO) and founder, Prateek Kanakia. During investigations, the CBI arrested Kuruvilla, Prasad and Kanakia, who are in judicial custody. The investigation revealed that during 2022, Kuruvilla had allegedly entered into a criminal conspiracy with the other accused, with the intent to cheat BECIL of ₹50 crore, on the pretext of sanctioning and disbursing a venture loan of ₹50 crore to the Mumbai firm, according to CBI officials. The investigation further revealed that the former BECIL officials accused in the case had then obtained a short-term corporate loan of ₹80 crore from IREDA (Indian Renewable Energy Development Agency Limited), a public sector enterprise, and of the said loan, they disbursed ₹50 crore to the Mumbai firm as a venture loan for a waste-to-energy project in the Pune Municipal Corporation. The project was awarded to another private firm, the officials said. CBI's investigation also revealed that Kanakia did not utilise the disbursed funds in the project. Instead, he diverted most of the funds for his own use and also paid undue advantage of ₹2 crore in April 2022 and ₹1 crore in April 2023 to the main accused, George Kuruvilla, a CBI official said. Investigations also revealed that to access the remaining amount of the sanctioned loan of ₹80 crore by IREDA to BECIL, the accused officers of BECIL allegedly sanctioned additional funds of ₹25 crore to the Mumbai firm on September 5, 2022. Further, the original documents relating to the project at BECIL were allegedly destroyed by the accused persons, according to CBI officials. CBI's probe found that the accused officials allegedly received a forged Performance Bank Guarantee (a financial security guaranteeing that a project or contract will be completed according to agreed terms), dated November 28, 2022, of ₹25 crore, purportedly issued by a public sector bank, and that after the disbursal of the ₹50-crore loan, they did not ensure end-use of the funds for the given purpose, CBI officials said. Kanakia did not repay the outstanding loan amount to BECIL. Further, Kuruvilla and Prasad did not obtain any collateral security from the Mumbai firm to secure the loan. A wrongful loss of ₹58.60 crore was caused to BECIL, the CBI official said.
Time of India
23-05-2025
- Business
- Time of India
CBI files chargesheet against former CMD of BECIL, others in corruption case
The CBI has filed a chargesheet against George Kuruvilla , former chairman-cum-managing director (CMD) of BECIL , and others in connection with alleged bribery of Rs 3 crore and fraudulent disbursal of loan to a Mumbai-based firm TGBL, officials said Friday. The agency arrested Kuruvilla in April this year after nearly seven months of probe in the FIR registered by it. Broadcast Engineering Consultants India Limited (BECIL) is a public sector enterprise under the Ministry of Information and Broadcasting. In its findings submitted to a special court in Mumbai, the CBI has also named the then General Manager of BECIL WB Prasad, then Legal Advisor of the company, Ashish Pratap Singh, private company The Green Billions Limited (TGBL) and its then CEO Prateek Kanakia, they said. The CBI had registered an FIR in the case in September last year and went on to arrest Kuruvilla, Prasad and Kanakia this year in connection with the case, officials said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here According to the CBI chargesheet , the trio entered into a " criminal conspiracy " in 2022 "to cheat BECIL to the tune of Rs 50 crore on the pretext of sanctioning and disbursing a venture loan of Rs 50 crore" to TGBL under a consortium agreement dated March 10, 2022 and a General Venture Loan Agreement dated April 8, 2022. The CBI investigation showed that they obtained a short term corporate loan of Rs 80 crore from IREDA, out of which they disbursed Rs 50 crore to TGBL as venture loan for waste-to-energy project of Pune Municipal Corporation. Live Events "This amount of Rs 50 crore was disbursed in three tranches of Rs 12.50 crore, Rs 17.50 crore and Rs 20 crore respectively on April 8, 2022, June 20, 2022 and December 29 & 30, 2022," a CBI spokesperson said in a statement on Friday. The agency also found that Kanakia did not utilise the disbursed fund in the project for which the funds were released, instead, he diverted most of the funds to his own use and "paid undue advantage of Rs 2 crore in April, 2022 and Rs 1 crore April, 2023 to main accused George Kuruvilla, then CMD of BECIL," it said. It said the accused officials sanctioned and disbursed additional loan of Rs 25 crore to TGBL from the Rs 80 crore given by IREDA to BECIL, it said. "Further, the original documents related to project at BECIL were destroyed by the accused persons. Investigation uncovered that these accused persons received a forged Performance Bank Guarantee dated November 28, 2022 of Rs 25 crore purportedly issued from Punjab National Bank , Ghatkopar (East) Branch, Mumbai and after disbursal of the venture loan of Rs 50 crore, they did not ensure end use of the fund for the given purpose and accused CEO did not repay the outstanding loan amount to BECIL," the CBI statement said. The agency found that Kuruvilla and Prasad did not obtain collateral security from TGBL to secure the loan as per the loan agreement and in contravention with the terms and condition of the Venture loan agreement executed between BECIL and TGBL , it said.
India.com
02-05-2025
- Business
- India.com
Masterstroke by Anil Ambani, Reliance Power to Invest Rs 100000000000 in Asia's Largest…, will supply…
Anil Ambani (File) Anil Ambani's Reliance NU Suntech, a subsidiary of Reliance Power, has announced a Rs 10,000 crore investment to develop Asia's largest single-location solar and battery energy storage system (BESS) project. It will help India to improve its green energy resources. Reliance NU Suntech has signed a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI). This agreement gives gurantee of supply of 930 MW of solar power integrated with a 465 MW/1,860 MWh BESS. The project, developed over the next 24 months, will deliver power at a fixed tariff of Rs 3.53 per kilowatt-hour (kWh). To meet the 930 MW contracted capacity, the project will deploy over 1,700 MWp of solar generation capacity along with advanced energy storage systems made for grid stability and reliability. SECI's Tranche XVII conducted an auction in December 2024 for the project. Where Reliance NU Suntech became the largest allocation in the bid as compared to other five energy bidders. The competitive process sought bids for 2,000 MW of solar and 1,000 MW/4,000 MWh of BESS capacity. Reliance Power completed the auction requirements in fastest speed by submitting Rs 378 crore Performance Bank Guarantee (PBG) to SECI. 'This project is a strategic milestone for us and a strong reaffirmation of our commitment to India's clean energy transition,' Reliance Power said in a statement. The company also stated that the project will contribute to India's renewable energy targets and strengthen the country's energy storage infrastructure.
Time of India
02-05-2025
- Business
- Time of India
Anil Ambani's Reliance Power to invest ₹10,000 cr for Asia's largest solar-BESS project
In a major step toward advancing India's green energy ambitions, Reliance NU Suntech , a subsidiary of Anil Ambani 's Reliance Power , has signed a landmark 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI), the company said in an exchange filing on Friday. The agreement covers the supply of 930 MW of solar power integrated with a 465 MW/1,860 MWh battery energy storage system (BESS), making it Asia's largest single-location solar-BESS project to date, it said. The project will be developed over the next 24 months with a capital investment of up to ₹10,000 crore. The power will be delivered at a fixed tariff of ₹3.53 per kilowatt hour (kWh). The deal marks one of the most significant long-term clean energy pacts in India, both in scale and strategic value. To meet the contracted 930 MW capacity, Reliance NU Suntech will install over 1,700 MWp of solar generation capacity, integrating advanced energy storage systems to ensure reliability and grid stability. The PPA follows Reliance NU Suntech's major win in SECI's Tranche XVII auction in December 2024, where it emerged as the largest bidder, securing 930 MW of solar capacity and 465 MW/1,860 MWh of BESS. The competitive bidding process attracted five major energy players competing for 2,000 MW of solar and 1,000 MW/4,000 MWh of BESS capacity. Reliance Power has already submitted a ₹378 crore Performance Bank Guarantee (PBG) to SECI, completing the auction, award, and contract signing within five months. The company said this rapid execution showcases its operational agility and long-standing expertise in managing large-scale energy projects. 'This is a strategic milestone for us and a strong reaffirmation of our commitment to India's clean energy transition,' the company said in a statement, adding that the project will contribute significantly to meeting the country's renewable energy goals and boosting energy storage infrastructure.
Hindustan Times
24-04-2025
- Business
- Hindustan Times
ED conducts 7 searches in city in ₹50 cr loan case against PSE officials, private firm
MUMBAI: The Enforcement Directorate (ED) on Wednesday conducted searches at seven premises in Mumbai, one in Haryana's Faridabad, as part of its money laundering probe into Broadcast Engineering Consultants India Limited's (BECIL) alleged fraudulent disbursal of a ₹50 crore loan to the Green Billions Limited (TGBL), a private firm. The ED's case was based on a Central Bureau of Investigation's (CBI) 2024 case. Central Bureau of Investigation (CBI) on September 3, 2024, registered a case based on the findings of its preliminary enquiry ( PE) probe, which had been initiated based on a complaint from the vigilance authorities of the Information and Broadcasting ministry, under which BECIL functions. The FIR said the Indian Renewable Energy Development Agency Limited (IREDA), a public sector company, had sanctioned a loan of ₹80 crore to BECIL for execution of projects related to waste management / LED smart lighting/ smart metering and other projects in Pune through contractors. According to the CBI, there was alleged a criminal conspiracy in 2022, wherein a TGBL's promoter paid a bribe of ₹3 crore to George Kuruvilla, the then chairman and managing director (CMD) of BECIL to disburse ₹50 crore loan. The loan was allegedly disbursed without genuine security, in violation of standard operating procedures, ED officials said. The CBI had booked George Kuruvilla, the then BECIL Chairman and Managing Director (CMD), WB Prasad, BECIL's general manager, and others under relevant sections of the Bharatiya Nyaya Sanhita and Prevention of Corruption (PC) Act. Prateek Kanakia, founder and promoter of TGBL was also booked for bribing the CMD. 'The loan funds sanctioned by the BECIL were diverted to various other entities and individuals other than for the purpose of waste management project of Pune Municipal Corporation and no project has been implemented there by TGBL. Its promoter, Kanakia, siphoned off proceeds of crime to the tune of ₹50 crore,' an ED official said. Kanakia allegedly did not return it to BECIL, resulting in BECIL incurring a wrongful loss of ₹58 crore, including penalties. CBI's probe also revealed that TGBL allegedly submitted fake Performance Bank Guarantee of ₹25 crore to BECIL, which it could not claim to cover the losses. Karuvilla and Prasad from BECIL were arrested by the CBI last Wednesday and Kanakia was arrested last month. The ED searches were conducted after the agency analysed the money trail connected to the proceeds of crime, to gather incriminating evidence required as per provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
