PFC Files Police Case Against Gensol For Filing Fake Documents To Get Loans|Economy News

New Delhi: Government- possessed Power Finance Corporation Ltd (PFC) has actually submitted an issue with the Delhi authorities versus Jaggi brothers-promoted Gensol Engineering Ltd for purportedly submitting incorrect papers to take financings for purchasing electrical cars (EVs).

“PFC has filed a complaint with the Economic Offences Wing of the Delhi police concerning the issuance of falsified documents. PFC is committed to safeguarding its interests and ensuring the recovery of its loan while upholding transparency in its operations,” the general public market economic firm claimed in a declaration.

Gensol, the moms and dad firm of all-electric automobile (EV) application BluSmart which was supplying eco-friendly taxicab solutions, purportedly built letters from its 2 loan providers– PFC and Indian Renewable Energy Development Agency Ltd (IREDA)– to reveal that it was servicing its financial debt frequently. However, the insurance claim was revealed when the credit report score firms started validating the letters with the loan providers.

The public market task claimed it is likewise checking out the issue inside under its anti-fraud plan. The examination will certainly concentrate on monitoring missing out on distribution invoices for EVs funded by the PFC. .
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Gensol had actually taken financings to the song of Rs 978 crore from PFC and Renewable Energy Development Agency (IREDA) to acquire electrical cars for running an on the internet eco-friendly taxi solution which had actually come to be fairly preferred in Delhi NCR and Bengaluru.

These financings were meant to be utilized for purchasing EVs however over Rs 200 crore of the quantity was directed via an automobile dealer and sent out to various other business connected to the marketers. Some of the cash was utilized for high-end acquisitions, consisting of apartments in DLF Camellias, where the rate of a home begins at Rs 70 crore. .
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A SEBI examination exposed that Gensol has actually not had the ability to make up Rs 262.13 crore of the quantity. .
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On April 15, 2025, SEBI launched a thorough acting order revealing what failed atGensol The order claimed the marketers of Gensol, consisting of Anmol and Puneet Singh Jaggi, had actually dealt with the firm like their individual ‘piggy financial institution’. There were no correct economic controls in position, and the marketers had actually drawn away finance cash to themselves or relevant entities. .
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Gensol had actually protected financings totaling up to Rs 977.75 crore from IREDA and PFC in between FY22 and FY24. Of this, Rs 663.89 crore was particularly indicated for the acquisition of 6,400 EVs. However, the firm confessed to purchasing just 4,704 cars, worth Rs 567.73 crore, as confirmed by provider Go-Auto .
.(* )SEBI examination record likewise mentions that it discovered

The at “no manufacturing activity”‘s electrical automobile (EV) plant in Gensol Engineering Ltd, with just 2 to 3 labourers existing at the website which itself was a rented home.Pune