Gensol Case: ED Points Look-Out Round In opposition to Jaggi Brothers | Financial system Information
New Delhi: The Enforcement Directorate has requested the Bureau of Immigration to subject a look-out round in opposition to Puneet Singh Jaggi and Anmol Singh Jaggi, the promoters of Gensol Engineering Ltd, in reference to an investigation into the diversion of funds from the scam-hit firm, reviews stated on Friday.
A portion of the loans raised by Gensol from monetary establishments is suspected to have been diverted abroad in violation of the Overseas Alternate Act (FEMA). Investigations are on to assortment info on different companies linked to the Jaggi brothers which will have been used as entrance corporations to route funds to international accounts, an NDTV Revenue report stated.
Anmol Singh Jaggi is reportedly in Dubai, whereas Puneet Singh Jaggi was questioned by ED officers for over 6 hours in reference to the case on Thursday. Earlier within the day, a information report had cited sources to say that Puneet Singh Jaggi had been taken into custody, however a senior ED official later denied any arrest or detention of the businessman.
The ED has searched a number of premises in Delhi, Gurugram, and Ahmedabad linked to the Jaggi brothers. The ED is investigating suspected international alternate violations involving unauthorised remittances of round Rs 200 crore to Rs 300 crore.
Authorities-owned Energy Finance Company Ltd (PFC) has already filed a criticism with the Delhi Police in opposition to Gensol Engineering Ltd for allegedly submitting false paperwork to take loans for purchasing electrical autos.
The general public sector enterprise stated it is usually analyzing the matter internally beneath its anti-fraud coverage. The investigation will concentrate on monitoring lacking supply receipts for EVs financed by the PFC.
Gensol had taken loans to the tune of Rs 978 crore from the PFC and the Renewable Vitality Improvement Company (IREDA) to purchase electrical autos for operating a web-based inexperienced taxi service, which had develop into fairly in style in Delhi NCR and Bengaluru.
These loans have been supposed for use for purchasing EVs, however over Rs 200 crore of the quantity was routed via a automobile dealership and despatched to different corporations linked to the promoters. A few of the cash was used for luxurious purchases, together with flats in DLF Camellias, the place the worth of an house begins at Rs 70 crore. A SEBI investigation revealed that Gensol has not been in a position to account for Rs 262.13 crore of the quantity.
On April 15, 2025, the SEBI launched an in depth interim order exhibiting what went incorrect at Gensol. The order stated the promoters of Gensol, together with the Jaggi brothers, had handled the corporate like their private ‘piggy financial institution’. There have been no correct monetary controls in place, and the promoters had diverted mortgage cash to themselves or associated entities.
