Particle.news
Download on the App Store
9 ARTICLES
·
4mo ago

Gensol Co-Promoter Detained as Loan Diversion Probe Expands

Puneet Singh Jaggi was taken into ED custody during raids on allegations of fund misuse, while BluSmart Mobility remains suspended.

Image
From Rs 1,125 to Rs 96, Gensol shares lost 91% value in 10 months; co-promoter detained
Image
Image

Overview

  • The Enforcement Directorate (ED) detained Puneet Singh Jaggi, co-promoter of Gensol Engineering, during raids in Delhi, Gurugram, and Ahmedabad under FEMA provisions.
  • SEBI has accused the Jaggi brothers of diverting ₹262 crore from state-backed loans meant for EV procurement and EPC contracts to personal and related-party gains.
  • BluSmart Mobility, Gensol's electric-cab service subsidiary, has halted operations and bookings following SEBI's interim findings.
  • Anmol Singh Jaggi, the other co-promoter, is reportedly in Dubai as investigations trace luxury assets linked to the promoters in Gurugram, Ahmedabad, and Pune.
  • The ED is preparing to file a money laundering case pending an FIR from the Delhi Police Economic Offences Wing, with further probes into related-party involvement ongoing.