ED Raids Gensol Office, Co-founder Detained

The enforcement directorate (ED) on Thursday conducted raids at the offices of Gensol Engineering Ltd and detained its co-promoter Puneet Singh Jaggi from a hotel in Delhi. This action is part of an ongoing investigation into alleged financial misconduct under the foreign exchange management act (FEMA).

Details of the Investigation

According to official sources, the searches were carried out in Delhi, Gurugram, and Ahmedabad. The Jaggi brothers, Puneet and Anmol Singh Jaggi, are under scrutiny after a Sebi report accused them of financial irregularities and diverting company funds. Puneet was detained in Delhi, while Anmol is reportedly in Dubai.

Allegations and Financial Review

The ED's action follows allegations that loans secured from Power Finance Corporation and IREDA Ltd for electric vehicles and EPC contracts were instead funneled into assets held by the promoters or shell companies linked to them. The Institute of Chartered Accountants of India (ICAI) has also decided to review the financial statements of Gensol Engineering Ltd and BluSmart Mobility Pvt Ltd for the financial year 2023–24.