The BECIL loan embezzlement saga took a decisive turn as a special Mumbai court remanded prime suspect Pratik Kanakiya to ED custody. This move strengthens the agency’s hand in unraveling a sophisticated fraud that defrauded the exchequer of hundreds of crores.
Details emerging from the investigation paint Kanakiya as the mastermind who leveraged BECIL’s mandate for broadband projects to approve sham loans. Fake invoices, ghost vendors, and circular funding kept the scam running for years undetected.
ED’s plea for custody was backed by forensic audits showing Rs 520 crore disbursed on non-existent ventures. Kanakiya’s lavish lifestyle—yachts, farmhouses, and offshore accounts—stems directly from these illicit gains, per agency findings.
Judicial observations noted the gravity of PMLA violations, rejecting bail pleas outright. The remand facilitates grilling on international links, including UAE-based entities suspected of laundering.
BECIL officials have been suspended, and a high-level committee is reviewing all past sanctions. This episode reveals deep-rooted corruption in PSU lending arms, eroding public trust.
Stakeholders demand legislative reforms for stricter PSU governance. ED’s aggressive pursuit, including look-out notices, promises accountability. As Kanakiya faces the heat, the nation watches for a precedent-setting conviction in white-collar crime.