Overview

• SEBI found no manufacturing activity at Gensol's Pune EV plant, with only 2-3 laborers present during an inspection on April 9, 2025.
• Gensol misled investors by announcing pre-orders for 30,000 EVs, which were actually non-binding MoUs lacking pricing or delivery details.
• Promoters Anmol and Puneet Singh Jaggi diverted state-backed EV loan funds for personal and related-party expenses, leaving ₹262.13 crore unaccounted for.
• SEBI barred Gensol and its promoters from the securities market, halted a planned stock split, and prohibited the Jaggi brothers from holding management roles.
• The Enforcement Directorate is now reviewing Gensol under the Prevention of Money Laundering Act, potentially widening its probe into financial irregularities.