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4d ago

Gensol Engineering Faces Intensified Multi-Agency Probes Over Fund Diversion and Forged Documents

Regulatory scrutiny deepens as SEBI, PFC, ICAI, MCA, and ED investigate allegations of financial misconduct and governance failures tied to diverted EV loan funds.

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ED registers case against Gensol promoters, Puneet Jaggi summoned for questioning
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Overview

  • The Power Finance Corporation (PFC) has filed a complaint with the Economic Offences Wing (EoW) against Gensol Engineering for allegedly submitting falsified lender documents.
  • SEBI's interim order revealed that ₹262.13 crore of state-backed EV loan funds were diverted by Gensol's promoters for personal luxury purchases, including high-end real estate.
  • Credit agencies downgraded Gensol to default status after discovering forged letters falsely indicating regular debt servicing, triggering further financial and operational strain.
  • The Institute of Chartered Accountants of India (ICAI) has launched an independent probe into the financial records of Gensol and its affiliate BluSmart Mobility for FY24.
  • BluSmart Mobility's operations remain halted, with potential buyout discussions by Eversource Capital facing uncertainty due to unresolved legal and governance risks.