EV loan, luxury Gurgaon flat, and a Rs 26-lakh golf set: SEBI uncovers Gensol CEO’s splurge trail

By the April 15 intermediate order gave birth to what he called “a complete disruption of internal control” Gensol engineering ltdInsisting that the company’s promoters distract hundreds of cranes collected for electric vehicles (EV) that go to individual indulgences, dubious transactions of luxury real estate and related subjects.

Gensol lifted 977.75 Crore in credit loans to FY22 and FY24 by two state lenders and PFC.

However, in fact, only 4,704 EVS costs 567.73 cavity, as it is confirmed by the Supplier’s Go-Auto. The rest is ₹ 262 Crore forcounted than a year later than the last credit tranche has been received.

The SebI Foundation trail shows a complex network of transactions, in which the company’s funds were first moved to Go-Auto, and from there to the stimulating links, including Capbridge Ventures LLP, Matrix Gas, etc.

In one copy, 50 crows from Go-Auto were transferred from Capbridge on the same day, Go-Auto received funds from Gensol. Three days later, Capridge paid 42.94 Crore to DLF Ltd, a luxurious apartment of Kurghon Camelas. The property was originally booked by Jasminder Kaur, Anmol Singh Jaggi (General Manager of Gensol) and then transferred to a littlebridge. The ₹ 5 Crore booking promotion. He also came back to Gensol.

The further examination of the individual bank’s statements revealed many cases of personal expenses. Anmol Singh Jaggi allegedly used the company’s means to buy golf from Taylormade (₹ 1.86 Crore), make credit card payments (₹ 9.95 lakh).

According to him, his brother, the Punet Singh Yaggi used the ₹ 13.5 Crore through such channels of American Express Card payments, family transfers and other personal expenses.

The funds were also processed in circular rings. With an existing 50.5, they were transferred to at least ₹ 8.5 Korea through Gensol and Wellray, while ₹ 10 Crore was pushed out of PFC, eventually turned to Go-Auto. Another case, Sebi found that the promoters use ₹ 10 Crore – Gensol stems from Gensol through Wallra.

Out of the Foundation’s sabotage, SEBI flagged false disclosures, including the exaggerated requirements of pre-orders and non-mandatory contracts that have passed approved business. The website’s visit to Gensi EV factory revealed that no production activity is underway, only 2-3 employees present and minimal energy consumption last year.

SebI has now banned the company’s promoters and foshi and the Punet Singh Yaggin, Gensol, or to hold a major managing position and frozen the possibility of securities. It also stopped the company’s planned stock split, citing fears that it can tempt retail investors, while serious governance issues remain unresolved.

What was planned to be a green energy history of growth and scale, which is now overshadowed by financial misconceptions and misuse of state money. A forensic audit was ordered, and the company’s destiny is likely to prevent the final results.