New Delhi: After investigating the alleged irregularities in Gensol Engineering Ltd, a clean-energy company promoted by Anmol Singh Jaggi and Puneet Singh Jaggi, for over three months, the Delhi Police has referred the probe to the Central Bureau of Investigation (CBI) as it suspects there is prima facie evidence of involvement of public servants, officials familiar with the development said.
They said the Centre is likely to soon hand over the probe to the federal anti-corruption probe agency based on the Delhi Police recommendation.
The Economic Offences Wing (EOW) of Delhi Police was investigating two complaints by Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency Limited (IREDA) against Gensol Engineering since April. The public sector enterprises had loaned around ₹977 crore to Gensol between 2022 and 2024.
The cops examined several company employees, its financial documents, etc over the last three months. “In both the complaints (by PFC and IREDA), there is prime facie evidence of possible involvement of public servants in granting the loans and CBI is better equipped to investigate such allegations so Delhi Police referred the matter to the central agency,” said a government officer, who didn’t want to be named.
He said the “ministry of home affairs (MHA) is supposed to soon issue a formal notification for a CBI probe based on Delhi Police’s reference”.
According to the market regulator, Securities and Exchange Board of India (Sebi), which made its findings against Gensol and its promoters public on April 15, the company secured a total of ₹977.75 crore in loans, of which ₹663.89 crore was meant specifically for the purchase of 6,400 electric vehicles (EVs). However, Gensol procured only 4,704 EVs till date — far less than 6,400 for which it had received funding.
Given that Gensol was also required to provide an additional 20 per cent equity contribution, the total expected outlay for the EVs was around ₹829.86 crore. By that calculation, ₹262.13 crore remains unaccounted for. The regulator found that funds, in many instances, were routed to Anmol and Puneet either directly or indirectly. SEBI’s analysis revealed that some of these funds were used for purposes entirely unrelated to the sanctioned loans. These included personal expenses of the promoters, such as the purchase of a luxury apartment, transfers to relatives, and investments benefiting private entities owned by the promoters.
Anmol and Puneet Jaggi stepped down from the company as managing director and whole-time director, respectively, in May.
In a plea filed before a Delhi court, Puneet Jaggi said he was not involved in the day-to-day affairs of the company and claimed that his elder brother, Anmol, currently in Dubai, made all the management decisions.
The Enforcement Directorate (ED) is also conducting a foreign exchange management act (Fema) violation probe against the company and the promoter brothers and raided them on April 24.
It is, however, waiting for a predicate offence agency to register a first information report (FIR) so that it can launch a prevention of money laundering act (PMLA) probe as well.
The ED had, on April 24, questioned Puneet Jaggi during the raids, but since it cannot make arrests under Fema, he was allowed to go.
ED, according to the officials, has frozen the bank accounts of the promoters as well as of Gensol.
HT sent an email query to Gensol but there was no response.
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