Investment firm Emissions Reduction Corp. is suing software company mCloud Technologies, alleging mCloud used the firm’s $15 million loan—earmarked for projects such as electric charging stations—to instead pay off debt and the tech company’s own executives.

ERC alleges that it agreed to execute a promissory note with mCloud after members of its C-suite overstated the number of deals they had in the pipeline, exaggerated revenue projections, and falsely promised to expand into additional electric vehicle dealerships, the complaint said.