New Delhi, Jan. 8 -- The Enforcement Directorate (ED) on Thursday said it has arrested Prateek Kanakia, CEO of The Green Billions Limited (TGBL), in connection with alleged money-laundering case involving Rs 47.32 crore.

ED's Mumbai zonal office arrested Kanakia on January 5 under the provisions of the Prevention of Money-Laundering Act (PMLA), 2002. He was produced before a PMLA Special Court, Mumbai, on January 6, which remanded him to ED custody till January 9.

The investigation revealed that the accused had fraudulently availed and diverted a loan amounting to Rs 50 crore from Broadcast Engineering Consultants India Limited (BECIL), a central government Public Sector Undertaking, causing wrongful loss to it, the ED said in a release...