Gensol Promoters Face CBI Heat, ₹453 Crore IREDA Loss Alleged In Fund Diversion Case
New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Gensol Engineering Ltd, its promoters Anmol Singh Jaggi and Puneet Singh Jaggi, and others over alleged diversion of loan funds. The case follows a complaint from state-owned Indian Renewable Energy Development Agency Ltd (IREDA), which had extended loans for the purchase of electric vehicles (EVs). CBI Files FIR…
The Central Bureau of Investigation (CBI) has launched a probe into Gensol Engineering Ltd and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi, alleging diversion of funds earmarked for electric vehicle purchases. The case stems from a complaint filed by state-owned Indian Renewable Energy Development Agency Ltd (IREDA) over potential misuse of loans granted for EV acquisitions.
The CBI registered the First Information Report (FIR) on July 31, nearly three months after IREDA lodged its grievance. The investigation focuses on whether the loan proceeds were used for purposes distinct from those sanctioned. IREDA claims to have suffered a loss of ₹453 crore, encompassing outstanding loan amounts as of June 30, 2026, involving Gensol Engineering and associated entities.
Allegations include forgery, misrepresentation, and submission of false information to credit rating agencies concerning the loans. The Enforcement Directorate (ED) is concurrently probing the matter under the Prevention of Money Laundering Act (PMLA). Gensol's shares plummeted 93% from their peak, and the company has been under scrutiny from regulatory bodies like SEBI for alleged fund diversion.
The CBI's involvement further compounds the regulatory and legal challenges confronting the company and its promoters.
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