Gensol co-promoter Puneet Jaggi Shifts Blame on Brother Anmol, Dubs Himself ‘Namesake Director’

Gensol Engineering Ltd co-promoter Puneet Singh Jaggi stated in a Delhi court on 29 April 2025 that he was not involved in the day-to-day operations of the company, which is under investigation by multiple agencies. He asserted that his elder brother, Anmol Singh Jaggi, who is currently in Dubai, was responsible for all management decisions, Hindustan Times reported.

Puneet Jaggi made the claim while seeking anticipatory bail to avoid arrest by the Delhi Police’s Economic Offences Wing (EOW), which is currently investigating two complaints filed by Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency Ltd (IREDA) and plans to file separate cases in the matter.

In his plea for anticipatory bail, filed through advocate Ayush Jindal, Puneet Jaggi stated that he “was not involved in day-to-day affairs of the company, Gensol Engineering Ltd, and the entire affairs of the company were looked after by his brother (Anmol Singh Jaggi).”

He further claimed that he was “merely a namesake director and all the decisions were taken by his brother, Anmol Singh Jaggi.”

The Delhi Police opposed the plea, deeming it premature and arguing that without a First Information Report (FIR), the request for anticipatory relief was not maintainable. Puneet Jaggi secured interim protection after the Delhi High Court directed the Delhi Police to provide him with a seven-day notice prior to any arrest.

Meanwhile, the Bureau of Immigration reportedly issued a lookout circular for the Jaggi siblings at the request of the Enforcement Directorate (ED).

Puneet Jaggi Detained

The ED detained Gensol Engineering co-promoter and BluSmart co-founder Puneet Singh Jaggi on 24 April 2025 at a Delhi hotel and conducted searches at the company’s premises, according to an official report. The ED carried out searches at Gensol Engineering’s offices in Delhi, Gurugram and Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA), as reported by PTI.

Anmol Singh Jaggi and Puneet Singh Jaggi, the promoter brothers of Gensol Engineering, are under federal investigation following a Securities and Exchange Board of India (SEBI) complaint alleging financial misconduct, corporate misgovernance and fund diversion.

The Allegations

Puneet Jaggi was detained by the Enforcement Directorate (ED) on 24 April 2025 following an interim order from the Securities and Exchange Board of India (SEBI). The SEBI ruling found that Anmol Singh Jaggi and Puneet Jaggi misused corporate funds for personal gain.

On 15 April 2025, the Securities and Exchange Board of India (SEBI) issued an interim order barring proprietors of Gensol Engineering Ltd from trading securities or holding significant managerial positions in any listed company. SEBI’s investigation revealed that the Jaggi siblings misused loans from Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency Ltd (IREDA) for personal expenses and that the company falsified documents to show timely debt repayments.