9 ways Anmol Singh Jaggi used to siphon cash from Gensol
SEBI’s order lays naked how Anmol Singh Jaggi, the general public face of India’s clear vitality ambitions, used Gensol Engineering’s hovering profile to orchestrate a sequence of advanced monetary diversions—misusing institutional loans, laundering funds via associated entities, and financing a billionaire life-style with shareholder cash.
In response to the 29-page order issued on April 15, 2025, SEBI stated: “What has been witnessed within the current matter is a whole breakdown of inside controls and company governance norms in Gensol, a listed firm. The promoters have been working a listed public firm as if it have been a propriety agency.”
Listed below are 9 distinct methods the regulator says Anmol Singh Jaggi and his associates diverted company funds:
1. Diverting EV loans for luxurious actual property
Rs 50 crore was transferred from Go-Auto to Capbridge Ventures LLP—the place Anmol and Puneet are designated companions. Capbridge then paid Rs 42.94 crore to DLF for a luxurious condominium in The Camellias, Gurugram, initially booked by Anmol’s mom. The reserving advance of Rs 5 crore was additionally funded by Gensol.
Gensol obtained Rs 71.39 crore from IREDA on September 30, 2022, which was meant for procuring EVs. That very same day, Gensol transferred Rs 93.88 crore (together with promoter contribution) to Go-Auto, its car provider. From there, Rs 50 crore was transferred to Capbridge Ventures LLP, a associated celebration, the place Anmol and Puneet Singh Jaggi are designated companions.“Go-Auto, on the identical day, transferred Rs. 50 Crore to Capbridge… On October 06, 2022, Capbridge transferred Rs. 42.94 Crore to DLF Restricted… for the acquisition of an condominium within the challenge The Camellias.”
2. Inflated EV buy claims and unaccounted funds
Between FY22 and FY24, Gensol secured Rs 663.89 crore in time period loans from IREDA and PFC for the procurement of 6,400 electrical automobiles.
“Gensol… acknowledged that it had procured solely 4,704 electrical automobiles… for a complete consideration of Rs. 567.73 Crore,” based on the SEBI order.
This left Rs 96.16 crore from the loans unexplained. However factoring within the firm’s required fairness contribution of 20%, SEBI noticed:
“An quantity of Rs. 262.13 Crore… stays unaccounted, though greater than a yr has handed because the Firm availed the final tranche of the… financing,” stated SEBI.
3. Round fund flows again to promoter entities
From one other IREDA mortgage of Rs 43.68 crore in February 2023, SEBI traced Rs 40 crore being transferred to Wellray, a linked entity, which then moved Rs 29.5 crore again to Gensol and Rs 3.9 crore to Prescinto—each associated events.
“Wellray made the next outward transfers… Rs. 29.50 Crore… to Gensol… Rs. 3.90 Crore… to Prescinto…,” based on the SEBI order.
SEBI added that Rs 50 lakh from this was additionally utilized by Wellray to commerce in Gensol’s shares.
4. Direct money profit to Anmol Singh Jaggi
Rs 37.5 crore from a Rs 171.30 crore mortgage sanctioned by IREDA to Gensol EV Lease (a Gensol subsidiary) was finally transferred on to Anmol Singh Jaggi.
“Rs. 37.5 Crore out of the mortgage quantity… was finally transferred to Anmol Singh Jaggi,” based on the SEBI order.
5. Re-routing via Gensol Advisor and Capbridge
A Rs 117.47 crore PFC mortgage disbursed in September 2023 was cut up between Capbridge (Rs 50.04 crore) and Gensol Consultants (Rs 46.65 crore), each linked to the Jaggis. Capbridge then despatched Rs 40 crore to Gensol Ventures Pvt Ltd, one other promoter entity.
“Primarily based on the fund path… it’s prima facie noticed that Rs. 96.69 Crore was diverted to promoter and promoter-linked entities…,” the order stated.
6. Utilizing Wellray as a car for fund motion
Over FY23 and FY24, Gensol transferred Rs 424.14 crore to Wellray. Of this, Rs 246.07 crore was disbursed to associated events and people, together with Rs 25.76 crore to Anmol and Rs 13.55 crore to Puneet Singh Jaggi.
“Wellray has transferred funds amounting to Rs. 39.31 Crore to Anmol Singh Jaggi and Puneet Singh Jaggi…,” SEBI stated.
7. Private luxurious spending with diverted funds
SEBI’s evaluation of Anmol Singh Jaggi’s financial institution accounts confirmed funds for overseas forex (Rs 1.86 crore), luxurious manufacturers (Titan, TaylorMade), private journey, and bank card payments. Funds additionally went to relations and investments in corporations he held shares in.
“Majority of the funds… have been transferred to different associated events, relations or utilized for private bills.” stated SEBI.
For instance, Rs 10.63 crore was transferred to Gensol Ventures Pvt Ltd, Rs 6.20 crore to his mom, Rs 2.98 crore to his spouse, Rs 26 lakh to TaylorMade for a golf set, and Rs 17.28 lakh to Titan, reflecting a transparent sample of private expenditure utilizing company funds.
8. Backdoor financing of preferential allotment
On September 26, 2022, Gensol Ventures Pvt Ltd subscribed to Rs 10.09 crore price of shares in a preferential situation. SEBI discovered that the cash had come from Anmol and Puneet Singh Jaggi, who themselves obtained it from Wellray—funded by Gensol.
“Gensol had supplied funds, via layered transactions, to Gensol Ventures… for subscribing to 97,445 fairness shares…” stated SEBI.
9. Inventory worth manipulation via related-party buying and selling
Wellray, funded by Gensol and associates, traded virtually completely in Gensol shares, shopping for and promoting over Rs 338 crore price of inventory between November 2022 and November 2024.
“Wellray predominately traded within the scrip of Gensol Engineering Restricted (99% of whole commerce worth)… funded by Gensol and its promoters/promoter-related entities,” stated SEBI.
What SEBI has completed thus far
SEBI has barred Anmol and Puneet Singh Jaggi from performing as administrators or KMPs in Gensol and from accessing the securities market. It additionally suspended Gensol’s deliberate inventory cut up and ordered a forensic audit.
“The Firm’s funds have been routed to associated events and used for unconnected bills, as if the Firm’s funds have been promoters’ piggy financial institution.”
What’s subsequent
The forensic auditor appointed by SEBI will submit its findings inside six months. In the meantime, buyers have been cautioned, and exchanges instructed to halt company actions.
The regulator’s interim order concludes:
“The interior controls at Gensol look like free and thru the fast layering of transactions, funds have seamlessly flowed to a number of associated entities/people… reflecting a tradition of weak inside management.”
Additionally learn | Inside particulars: How Gensol promoter purchased luxurious DLF Camellias condominium in Gurgaon with ‘diverted funds’
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