ED conducts search & seizure at Gensol Engineering offices

29 Apr 2025 , 08:39 AM

Gensol Engineering Limited informed in its filing with the bourses that the Enforcement Directorate has conducted search and seizure operations at its premises situated in Ahmedabad, and Gurgaon. This results in expansion of scrutiny of the solar and electric vehicle company. 

As per the reports, the ED has seized financial records, documents, and electronic documents. The raid was conducted on April 27, 2025. The directorate also issued orders under FEMA and the Income Tax Act, 1961. The orders were issued to HDFC Bank, Axis Bank, and ICICI Bank.

Gensol stated that at this stage, the financial impact of the action could not be established. The company reported that it is taking legal resort in response to ED’s actions. 

The raid comes after the Securities and Exchange Board of India (SEBI)’s interim order issued on April 15, 2025. As per the orders, company’s promoters Anmol Singh Jaggi and Puneet Singh Jaggi were barred from securities markets for likely fund diversion and lapses of corporate governance. 

SEBI’s investigation into the company’s operations disclosed that the promoters have misused funds for personal expenses, which led to further investigations by the ED and MCA.

The company is undergoing investigation for alleged violations under the Prevention of Money Laundering Act. The ED is examining financial irregularities and possible foreign exchange law breaches in the company as part of the probe.

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