New Delhi, April 25 || The Enforcement Directorate (ED) has detained BluSmart co-founder Puneet Jaggi from a Delhi hotel, after the agency conducted raids in a case related to Gensol Engineering Ltd.
The raids were conducted at company’s offices in Delhi, Gurugram, and Ahmedabad under the Foreign Exchange Management Act (FEMA).
The ED is investigating Gensol promoter brothers Anmol Singh Jaggi and Puneet Singh Jaggi after a SEBI report accused them of financial irregularities, corporate misgovernance and fund diversion.
Gensol was yet to issue a statement.
Earlier, government-owned Power Finance Corporation Ltd (PFC) filed a complaint with the Delhi police against Jaggi brothers-promoted Gensol Engineering Ltd for allegedly filing false documents to take loans for buying electric vehicles (EVs).
“PFC has filed a complaint with the Economic Offences Wing of the Delhi police concerning the issuance of falsified documents. PFC is committed to safeguarding its interests and ensuring the recovery of its loan while upholding transparency in its operations,” the public sector financial company said in a statement.
Gensol, the parent company of all-electric vehicle (EV) app BluSmart which was providing green cab services, allegedly forged letters from its two lenders -- PFC and Indian Renewable Energy Development Agency Ltd (IREDA) -- to show that it was servicing its debt regularly. However, the claim was exposed when the credit rating agencies began verifying the letters with the lenders.