Overview

• The Enforcement Directorate detained Puneet Singh Jaggi, co-promoter of Gensol Engineering, and conducted raids in Delhi, Gurugram, and Ahmedabad.
• The ED's action follows SEBI's findings of ₹262 crore in state-backed EV loans allegedly rerouted to personal luxuries, foreign assets, and shell companies.
• SEBI has barred the Jaggi brothers from accessing securities markets, while BluSmart Mobility, Gensol's affiliate, has suspended operations.
• Anmol Singh Jaggi, Puneet's brother and co-promoter, is reportedly in Dubai, and investigators are examining third-party involvement in fund diversion.
• The ED is preparing to file a money laundering case pending an FIR from the Economic Offences Wing based on complaints from IREDA and PFC.