ED detains Gensol's Puneet Singh Jaggi in alleged money laundering case; conducts searches against firm

The raids were conducted under the provisions of the Foreign Exchange Management Act (FEMA), and were carried out at the company's premises in Delhi, Gurugram and Ahmedabad.

By  Storyboard18Apr 25, 2025 10:09 AM
ED detains Gensol's Puneet Singh Jaggi in alleged money laundering case; conducts searches against firm
ED has also carried out search operations at Gensol's premises, including its headquarters in Ahmedabad. (Image source: Unsplash)

The Enforcement Directorate (ED) has detained Puneet Singh Jaggi, co-promoter and director of Gensol Engineering Ltd, in connection with a money laundering probe linked to an alleged bank fraud case. The agency also carried out search operations at the company’s premises, including its headquarters in Ahmedabad.

While the agency has not disclosed further details about the case, Jaggi reportedly was taken in for questioning on April 23, and his formal arrest is likely to follow pending approval from the ED’s senior officials.

The raids were conducted under the provisions of the Foreign Exchange Management Act (FEMA), and were carried out at the company's premises in Delhi, Gurugram and Ahmedabad.

Gensol Engineering, part of the Gensol Group, is involved in providing engineering, procurement, and construction (EPC) services in the renewable energy space, particularly solar. The company also forayed into the electric vehicle (EV) manufacturing segment through its brand BluSmart and its EV arm Gensol EV.

The ED’s action stems from a SEBI order that alleged Gensol Engineering secured loans from Power Finance Corporation and IREDA Ltd for the procurement of electric vehicles and execution of EPC contracts.

However, instead of using the funds for their stated objectives, the company reportedly diverted the money towards acquiring assets registered in the personal names of the promoters, their relatives, or through various shell companies linked to the group.


Tags
First Published on Apr 25, 2025 10:04 AM

More from Storyboard18

How it Works

SC rejects Lalit Modi’s plea seeking BCCI to pay ₹10.65 cr FEMA penalty

SC rejects Lalit Modi’s plea seeking BCCI to pay ₹10.65 cr FEMA penalty

How it Works

Appraisal season, but no salaries yet: Laid-off Good Glamm staff say dues unpaid, emails repetitive

Appraisal season, but no salaries yet: Laid-off Good Glamm staff say dues unpaid, emails repetitive

How it Works

Ikea dominates digital ads in 2024, retains top spot with 27% impression share: TAM

Ikea dominates digital ads in 2024, retains top spot with 27% impression share: TAM

How it Works

ITC Chairman Sanjiv Puri draws Rs 26.66 crore salary in FY25, employee remuneration up 5%

ITC Chairman Sanjiv Puri draws Rs 26.66 crore salary in FY25, employee remuneration up 5%

How it Works

MS Dhoni moves to trademark ‘Captain Cool’ securing his legacy off the field

MS Dhoni moves to trademark ‘Captain Cool’ securing his legacy off the field

How it Works

Google launches "Offerwall" as AI summaries impact publisher ad income

Google launches "Offerwall" as AI summaries impact publisher ad income

How it Works

Meta vs EU: Daily fines loom over ad consent clash

Meta vs EU: Daily fines loom over ad consent clash

How it Works

Mobile verification mandate under new Cybersecurity Rules could disrupt digital platforms; spark regulatory overreach fears

Mobile verification mandate under new Cybersecurity Rules could disrupt digital platforms; spark regulatory overreach fears