Breaking in the BECIL corruption case: Pratik Kanakiya has been handed over to ED by a Mumbai court for five days, intensifying the pursuit of justice in a staggering loan fraud. The scam, centered on BECIL’s lending operations, involved systematic looting via bogus applications.
Kanakiya orchestrated the racket using proxy directors and forged collateral documents, securing approvals for phantom IT infrastructure projects. ED estimates the fraud at Rs 600 crore, with trails leading to benami properties across India and abroad.
Court proceedings revealed WhatsApp chats coordinating bribes to BECIL executives. The agency’s custody push aims to extract confessions and recover laundered assets before they vanish.
While Kanakiya’s counsel cited cooperation, ED countered with evidence of data destruction attempts post-raid. The judge’s order underscores the threat posed by economic fugitives.
This scandal has ignited debates on PSU autonomy versus accountability, with calls for mandatory third-party audits. BECIL’s credibility is shattered, impacting ongoing government contracts.
Probing teams are expanding scope to allied banks and vendors. With PMLA’s stringent provisions, Kanakiya risks 10-year imprisonment plus fines. The case exemplifies ED’s resolve to claw back every rupee from fraudsters preying on public institutions.