Gensol Case: ED Issues Look-Out Circular Against Jaggi Brothers

New Delhi: The Enforcement Directorate has requested the Bureau of Immigration to factor a look-out round towards Puneet Singh Jaggi and Anmol Singh Jaggi, the promoters of Gensol Engineering Ltd, in reference to an investigation into the diversion of price range from the scam-hit corporate, studies mentioned on Friday. 

A portion of the loans raised by way of Gensol from monetary establishments is suspected to were diverted in another country in violation of the Foreign Exchange Act (FEMA). Investigations are directly to assortment knowledge on different corporations related to the Jaggi brothers that can were used as entrance corporations to course price range to overseas accounts, an NDTV Profit document mentioned.

Anmol Singh Jaggi is reportedly in Dubai, whilst Puneet Singh Jaggi used to be puzzled by way of ED officers for over 6 hours in reference to the case on Thursday. Earlier within the day, a information document had cited resources to mention that Puneet Singh Jaggi were taken into custody, however a senior ED professional later denied any arrest or detention of the businessman.

The ED has searched a couple of premises in Delhi, Gurugram, and Ahmedabad related to the Jaggi brothers. The ED is investigating suspected foreign currency violations involving unauthorised remittances of round Rs 200 crore to Rs 300 crore.

Government-owned Power Finance Corporation Ltd (PFC) has already filed a criticism with the Delhi Police towards Gensol Engineering Ltd for allegedly submitting false paperwork to take loans for getting electrical cars.

The public sector endeavor mentioned additionally it is analyzing the topic internally underneath its anti-fraud coverage. The investigation will focal point on monitoring lacking supply receipts for EVs financed by way of the PFC.

Gensol had taken loans to the music of Rs 978 crore from the PFC and the Renewable Energy Development Agency (IREDA) to shop for electrical cars for working a web based inexperienced taxi carrier, which had turn into slightly common in Delhi NCR and Bengaluru.

These loans had been meant for use for getting EVs, however over Rs 200 crore of the quantity used to be routed via a automotive dealership and despatched to different corporations related to the promoters. Some of the cash used to be used for luxurious purchases, together with residences in DLF Camellias, the place the cost of an condominium begins at Rs 70 crore. A SEBI investigation printed that Gensol has no longer been in a position to account for Rs 262.13 crore of the quantity.

On April 15, 2025, the SEBI launched an in depth meantime order appearing what went fallacious at Gensol. The order mentioned the promoters of Gensol, together with the Jaggi brothers, had handled the corporate like their private ‘piggy financial institution’. There had been no right kind monetary controls in position, and the promoters had diverted mortgage cash to themselves or similar entities.