Gensol Engineering Under ED Radar Amid Alleged Financial Misconduct

The Enforcement Directorate conducted searches at Gensol Engineering Ltd and detained co-promoter Puneet Singh Jaggi following a SEBI report. The raids targeted premises in Delhi, Gurugram, and Ahmedabad over alleged fund diversion under FEMA regulations. Promoters are accused of misusing loans for personal asset purchase.

The Enforcement Directorate intensified its investigation into Gensol Engineering Ltd by conducting a series of searches and detaining co-promoter Puneet Singh Jaggi at a Delhi hotel, as revealed by official sources.

The company's premises in Delhi, Gurugram, and Ahmedabad were raided under the provisions of the Foreign Exchange Management Act (FEMA). The probe targets promoter brothers Anmol and Puneet Singh Jaggi, following a SEBI report alleging financial misconduct and fund diversion.

According to officials, Gensol is accused of diverting loans obtained from the Power Finance Corporation and IRDEA Ltd for purposes other than designated, using them to purchase personal assets and floating shell entities under the promoters' names.

(With inputs from agencies.)