ED Crackdown: Gensol Engineering under Investigation for Financial Misconduct

The Enforcement Directorate conducted searches and detained Puneet Singh Jaggi, a co-promoter of Gensol Engineering. This follows a SEBI report alleging financial misconduct by the company's promoters. The ED accuses Gensol of diverting funds for personal use, and a money laundering case may soon be filed.

The Enforcement Directorate (ED) has launched a significant crackdown on Gensol Engineering Ltd, detaining co-promoter Puneet Singh Jaggi at a Delhi hotel. This action follows a Securities and Exchange Board of India (SEBI) report that accuses the promoters of financial mismanagement and fund diversion.

The ED conducted raids on company premises in Delhi, Gurugram, and Ahmedabad under the Foreign Exchange Management Act (FEMA). Anmol Singh Jaggi, another promoter, is reportedly in Dubai. The Jaggi brother's other venture, BluSmart Mobility, has suspended cab bookings following the SEBI report.

The allegations include using corporate funds for personal purchases such as a luxury apartment and a golf set. SEBI has barred the brothers from the securities market until further notice. A money laundering case is anticipated as more financial details come to light.

(With inputs from agencies.)