New Delhi: After examining the alleged irregularities in Gennsol Engineering Limited, a clean-energy company promoted by Anmol Singh Jaggi and Puneet Singh Jaggi, for more than three months, Delhi Police has mentioned the investigation of the Central Bureau of Investigation (CBI), as it is with the price facility of development.
He said that on the basis of the recommendation of the Delhi Police at the Center soon, there is a possibility of handing over the investigation to the anti -federal corruption investigating agency.
The Economic Offenses Wing (EOW) of Delhi Police was investigating two complaints by Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency Limited (IREDA) from April since April. Public sector enterprises gave loans around 977 crores from Gennsol between 2022 and 2024.
Police investigated several company employees, its financial documents etc. in the last three months. “Both of the complaints (by PFC and IREDA), are the major face evidence of the possible participation of public servants in lending and the CBI is better to investigate allegations, so Delhi Police referred to the case to the central agency,” a government official said, who did not want to name.
He said that “the Ministry of Home Affairs (MHA) is soon to issue a formal notification for a CBI inquiry based on the context of Delhi Police”.
According to the Market Regulatory, Securities and Exchange Board of India (SEBI), the company achieved the total on 15 April against Gensol and its promoters, the company received the total. 977.75 crore in loans, of which 663.89 crore meant especially for the purchase of 6,400 electric vehicles (EVS). However, Gensol has purchased only 4,704 EVs till date – less than 6,400, for which it got funding.
Given that Gensol was also required to provide an additional 20 percent equity contribution, the total expected outlay for EVS was around. 829.86 crores. By that calculation, 262.13 is unabated for crores. The regulator found that the money was rooted in many examples, straight or indirectly precious and puneet. Analysis of SEBI has shown that some of these funds were used for the purposes that were completely unrelated to the sanctioned loans. These included the individual expenses of the promoters, such as the purchase of a luxury apartments, transfer to relatives, and investment to private institutions owned by promoters.
Anmol and Puneet Jaggi left the post from the company in May as Managing Director and full -time director respectively.
In a petition filed before the Delhi court, Puneet Jaggi said that he was not involved in the day-to-day cases of the company and claimed that his elder brother, Anmol, currently in Dubai, made all management decisions.
The Enforcement Directorate (ED) is also investigating a Foreign Exchange Management Act (FEMA) violation against the company and promoter brothers and raided them on 24 April.
However, it is waiting for a Billi Crime Agency to register an earlier Information Report (FIR) to initiate the prevention of the Money Laundering Act (PMLA) investigation.
The ED questioned Puneet Jaggi during the raid on 24 April, but since he could not arrest under FEMA, he was allowed to leave.
According to officials, Ed has set up Gennsol along with the bank accounts of the promoters.
HT sent Gensol an email querry but had no response.
