IREDA classifies Gensol Engineering and its subsidiary as fraud accounts
The Indian Renewable Energy Development Agency (IREDA) has officially marked the loan accounts of Gensol Engineering and its unit, Gensol EV Lease, as fraudulent. The agency pointed to criminal breach of trust and the misuse of funds as the primary reasons for this decision. These accounts have combined outstanding debts of approximately ₹673 crore, and IREDA has already set aside 85% provisioning for both. Furthermore, promoters Anmol Singh Jaggi and Puneet Singh Jaggi are currently under regulatory scrutiny regarding claims that EV-related funds were diverted.
by shortkt.com✓