The Enforcement Directorate Thursday carried out searches in opposition to beleaguered Gensol Engineering Ltd and detained its co-promoter Puneet Singh Jaggi from a Delhi resort, official sources mentioned.
The raids have been carried out on the firm’s premises in Delhi, Gurugram and Ahmedabad below the provisions of the Overseas Alternate Administration Act (FEMA).
The promoter brothers of the corporate, Anmol Singh Jaggi and Puneet Singh Jaggi — who additionally cofounded EV cab service BluSmart, are below the scanner of the federal probe company following a SEBI report in opposition to them for alleged monetary misconduct and diversion of funds.
The sources advised PTI that Puneet Jaggi was detained by the ED from a Delhi resort whereas Anmol Jaggi is said to be in Dubai.
The ED motion is predicated on the SEBI order which claimed that Gensol Engineering obtained loans from Energy Finance Company and IRDEA Ltd for procurement of BluSmart EVs and EPC contracts.
Nevertheless, in response to the sources, the corporate as a substitute of utilising these funds for the supposed functions had diverted the funds for buying the property in private identify of promoters or their kinfolk or in numerous shell entities floated by the group.