Where did EV funds go? Rs 43cr flat, Rs 26L golf sets…

MUMBAI:

The promoters of Gensol Engineering, Anmol Singh Jaggi and Puneet Singh Jaggi, are under investigation by Sebi for gross violations of corporate governance, including illegal fund diversion for personal gain, stock price manipulation, and forgery of default letters. They misused hundreds of crores, including Rs 775 crore for purchasing electric vehicles for BluSmart and Rs 43 crore for a luxury flat, while also inflating the company’s stock price through their firm Wellray. Sebi has barred them from the securities market and ordered a forensic audit of Gensol’s financials, indicating potential significant investor losses.

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