The compliance address of Thorsday searches against Gensol Engineering Ltd besieged and arrested his co-promoter Puneet Singh Jaggi of a hotel in Delhi, official sources said.
The raids were carried out at the company’s facilities in Delhi, Gurugram and Ahmedabad under the provisions of the Interior Management Law (FEMA).
The company’s promoter brothers, Anmol Singh Jaggi and Puneet Singh Jaggi, are under the federal probability scanner after a Sebi report against him for alleged financial misconduct and the deviation of funds.
The sources told PTI that Puneet Jaggi was arrested for the emergency service of a hotel in Delhi, while Anmol Jaggi is in Dubai.
The action of the one based on the Sebi order that Gensol Engineery Obweans of Power Finance Corporation and Irdea Ltd for the acquisition of EVS and EPC contracts.
However, according to the sources, the company instead of using these funds for the planned purposes had diverted the funds to buy the assets in the personal name of the promoters or their relationships or in several shell entities floated by the group.
Posted on April 24, 2025
