SEBI’s order lays bare how Anmol Singh Jaggi, the public face of India’s clean energy ambitions, used Gensol Engineering’s soaring profile to orchestrate a series of complex financial diversions—misusing institutional loans, laundering funds through related entities, and financing a billionaire lifestyle with shareholder money.
According to the 29-page order issued on April 15, 2025, SEBI said: “What has been witnessed in the present matter is a complete breakdown of internal controls and corporate governance norms in Gensol, a listed company. The promoters were running a listed public company as if it were a propriety firm.”
Here are nine distinct ways the regulator says Anmol Singh Jaggi and his associates diverted corporate funds:
1. Diverting EV loans for luxury real estate
Rs 50 crore was transferred from Go-Auto to Capbridge Ventures LLP—where Anmol and Puneet are designated partners. Capbridge then paid Rs 42.94 crore to DLF for a luxury apartment in The Camellias, Gurugram, originally booked by Anmol’s mother. The booking advance of Rs 5 crore was also funded by Gensol.
Gensol received Rs 71.39 crore from IREDA on September 30, 2022, which was meant for procuring EVs. That same day, Gensol transferred Rs 93.88 crore (including promoter contribution) to Go-Auto, its vehicle supplier. From there, Rs 50 crore was transferred to Capbridge Ventures LLP, a related party, where Anmol and Puneet Singh Jaggi are designated partners.“Go-Auto, on the same day, transferred Rs. 50 Crore to Capbridge… On October 06, 2022, Capbridge transferred Rs. 42.94 Crore to DLF Limited… for the purchase of an apartment in the project The Camellias.”
2. Inflated EV purchase claims and unaccounted funds
Between FY22 and FY24, Gensol secured Rs 663.89 crore in term loans from IREDA and PFC for the procurement of 6,400 electric vehicles.
“Gensol… acknowledged that it had procured only 4,704 electric vehicles… for a total consideration of Rs. 567.73 Crore,” according to the SEBI order.
This left Rs 96.16 crore from the loans unexplained. But factoring in the company’s required equity contribution of 20%, SEBI observed:
“An amount of Rs. 262.13 Crore… remains unaccounted, even though more than a year has passed since the Company availed the last tranche of the… financing,” said SEBI.
3. Circular fund flows back to promoter entities
From another IREDA loan of Rs 43.68 crore in February 2023, SEBI traced Rs 40 crore being transferred to Wellray, a connected entity, which then moved Rs 29.5 crore back to Gensol and Rs 3.9 crore to Prescinto—both related parties.
“Wellray made the following outward transfers… Rs. 29.50 Crore… to Gensol… Rs. 3.90 Crore… to Prescinto…,” according to the SEBI order.
SEBI added that Rs 50 lakh from this was also used by Wellray to trade in Gensol’s shares.
4. Direct cash benefit to Anmol Singh Jaggi
Rs 37.5 crore from a Rs 171.30 crore loan sanctioned by IREDA to Gensol EV Lease (a Gensol subsidiary) was ultimately transferred directly to Anmol Singh Jaggi.
“Rs. 37.5 Crore out of the loan amount… was ultimately transferred to Anmol Singh Jaggi,” according to the SEBI order.
5. Re-routing through Gensol Consultant and Capbridge
A Rs 117.47 crore PFC loan disbursed in September 2023 was split between Capbridge (Rs 50.04 crore) and Gensol Consultants (Rs 46.65 crore), both linked to the Jaggis. Capbridge then sent Rs 40 crore to Gensol Ventures Pvt Ltd, another promoter entity.
“Based on the fund trail… it is prima facie observed that Rs. 96.69 Crore was diverted to promoter and promoter-linked entities…,” the order said.
6. Using Wellray as a vehicle for fund movement
Over FY23 and FY24, Gensol transferred Rs 424.14 crore to Wellray. Of this, Rs 246.07 crore was disbursed to related parties and individuals, including 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 said.
7. Personal luxury spending with diverted funds
SEBI’s analysis of Anmol Singh Jaggi’s bank accounts showed payments for foreign currency (Rs 1.86 crore), luxury brands (Titan, TaylorMade), personal travel, and credit card bills. Payments also went to family members and investments in companies he held shares in.
“Majority of the funds… were transferred to other related parties, family members or utilized for personal expenses.” said SEBI.
For example, Rs 10.63 crore was transferred to Gensol Ventures Pvt Ltd, Rs 6.20 crore to his mother, Rs 2.98 crore to his wife, Rs 26 lakh to TaylorMade for a golf set, and Rs 17.28 lakh to Titan, reflecting a clear pattern of personal expenditure using corporate funds.
8. Backdoor financing of preferential allotment
On September 26, 2022, Gensol Ventures Pvt Ltd subscribed to Rs 10.09 crore worth of shares in a preferential issue. SEBI found that the money had come from Anmol and Puneet Singh Jaggi, who themselves received it from Wellray—funded by Gensol.
“Gensol had provided funds, through layered transactions, to Gensol Ventures… for subscribing to 97,445 equity shares…” said SEBI.
9. Stock price manipulation through related-party trading
Wellray, funded by Gensol and affiliates, traded almost exclusively in Gensol shares, buying and selling over Rs 338 crore worth of stock between November 2022 and November 2024.
“Wellray predominately traded in the scrip of Gensol Engineering Limited (99% of total trade value)… funded by Gensol and its promoters/promoter-related entities,” said SEBI.
What SEBI has done so far
SEBI has barred Anmol and Puneet Singh Jaggi from acting as directors or KMPs in Gensol and from accessing the securities market. It also suspended Gensol’s planned stock split and ordered a forensic audit.
“The Company’s funds were routed to related parties and used for unconnected expenses, as if the Company’s funds were promoters’ piggy bank.”
What’s next
The forensic auditor appointed by SEBI will submit its findings within six months. Meanwhile, investors have been cautioned, and exchanges instructed to halt corporate actions.
The regulator’s interim order concludes:
“The internal controls at Gensol appear to be loose and through the quick layering of transactions, funds have seamlessly flowed to multiple related entities/individuals… reflecting a culture of weak internal control.”
Also read | Inside details: How Gensol promoter bought luxury DLF Camellias apartment in Gurgaon with ‘diverted funds'(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
