Ed Detains Gensol Co-promoter Puneet Singh Jaggi, Conducts Searches Against Firm

The Enforcement Directorate (ED) connected April 24 detained Gensol co-promoter Puneet Singh Jaggi from a Delhi edifice and besides conducted searches against beleaguered Gensol Engineering Ltd, PTI reported citing sources. 

According to nan PTI report, Puneet Jaggi was detained by nan ED from a Delhi edifice while Anmol Jaggi is said to beryllium successful Dubai. 

The raids were conducted astatine company's premises successful Delhi, Gurugram and Ahmedabad nether nan provisions of nan Foreign Exchange Management Act (FEMA). 

The promoter brothers of nan institution -- Anmol Singh Jaggi and Puneet Singh Jaggi -- are nether nan scanner of nan probe agency pursuing a SEBI study against them for alleged financial misconduct and diversion of funds. 

The ED action is based connected nan SEBI bid which claimed that Gensol Engineering obtained loans from Power Finance Corporation and IRDEA Ltd for procurement of EVs and EPC contracts.  

However, according to nan sources, nan institution alternatively of utilising these costs for nan intended purposes had diverted nan costs for purchasing nan assets successful individual sanction of promoters aliases their relatives aliases successful various ammunition entities floated by nan group. 

The Securities and Exchange Board of India (SEBI) had barred Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi from participating successful nan securities marketplace and from holding immoderate position arsenic board aliases cardinal managerial unit successful immoderate listed company. 

SEBI launched nan action aft receiving complaints of stock value manipulation and indebtedness defaults. The regulator’s investigation recovered wide misuse of institution costs and terrible lapses successful financial controls. 

Earlier, nan Ministry of Corporate Affairs (MCA) had initiated a suo motu enquiry into Gensol Electric, sources told Business Today TV. The ministry is looking into wrongdoings astatine Gensol Electric, sources said, adding that a suo moto enquiry has been initiated and nan company's regulatory filings and accounts will beryllium examined. Any action against nan institution will beryllium based connected nan findings of nan inquiry, nan sources added. No timeline has been fixed for nan enquiry arsenic yet. 

Published on: Apr 24, 2025 9:32 PM IST