ED raids Gensol office, co-founder Puneet Singh Jaggi detained

The enforcement directorate (ED) on Thursday raided the offices of Gensol Engineering Ltd and detained its co-promoter Puneet Singh Jaggi from a hotel in Delhi, as part of an ongoing investigation into alleged financial misconduct.
The searches were carried out in Delhi, Gurugram, and Ahmedabad under the foreign exchange management act (FEMA), official sources confirmed to PTI.
Gensol co-founders, Puneet Singh Jaggi and his brother Anmol Singh Jaggi, are under the ED’s scanner following Sebi’s report accusing them of financial irregularities and diverting company funds.
According to sources, Puneet Jaggi was picked up by ED officials from a hotel in the national capital, while his brother Anmol is reportedly in Dubai.
ED’s action was based on the market regulator’s order which claimed that Gensol Engineering secured loans from Power Finance Corporation and IREDA Ltd, ostensibly for procuring electric vehicles and executing EPC contracts, however, they were instead funnelled into assets held in the names of the promoters, their relatives, or a network of shell companies linked to the group.
The Institute of Chartered Accountants of India (ICAI) also decided to review the financial statements of Gensol Engineering Ltd and BluSmart Mobility Pvt Ltd for the financial year 2023–24 after the allegations.
The move was confirmed by ICAI president Charanjot Singh Nanda, who said the decision was taken during a board meeting of the Financial Reporting Review Board (FRRB) on Wednesday.