The Enforcement Directorate (ED) raided the offices of Gensol Engineering Limited on Thursday and detained his co-consent Puneet Singh Jaggi from a hotel in Delhi as part of the ongoing investigation in alleged financial misconduct.
Under the Foreign Exchange Management Act (FEMA), discovered in Delhi, Gurugram and Ahmedabad, official sources confirmed PTI.
Jensol co-founder, Puneet Singh Jaggi and his brother Anmol Singh Jaggi, are subject to the ED’s scanner after SEBI reports, accusing them of financial irregularities and the company’s funds have been diverted.
According to sources, Puneet Jaggi was picked up by ED officials from a hotel in the national capital, while his brother Anmol is allegedly in Dubai.
The ED’s action was based on the order of the market regulator, claiming that Gensol Engineering received a loan from Power Finance Corporation and IREDA Limited, however, however, they were in property organized in a network of promoters, or group companies instead, to purchase electric vehicles and execute EPC contracts, however, instead.
The Institute of Chartered Accountants of India (ICAI) also decided to review the financial details of Gensol Engineering LTD and Blusmart Mobility Pvt Ltd for the financial year 2023-24 after the allegations.
The move was confirmed by ICAI President Charanjot Singh Nanda, who said the decision was taken during a board meeting of the Financial Reporting Review Board (FRRB) on Wednesday.
