Gensol’s independent director Menon resigns amid sebi investigation, know what is this entire scam

Gensol Engineering Ltd Scam: Another big corporate fraud has emerged in the stock market world. Jansol engineering and its owners have been accused of manipulating the company’s money. Market Regulator SEBI in its investigation found that the owners of the company have used loan money to buy flats for themselves, transfer money to their wife and mother’s accounts.

Since this news, there has been a stampede in Jansol Engineering shares. Here, due to the misuse of the fund and lapse in operation, the criminal director Arun Menon has informed about the resignation of his independent director Arun Menon from the threatened company Jansol Engineering, which came under the scope of market regulator SEBI investigation. In the resignation sent to Anmol Singh Jaggi, one of the promoters of the company, Menon wrote that there is increasing concern about GEL’s bookkeeping and GEL maintaining stability at such a high credit cost to finance capital expenditure of other businesses.

Menon has resigned in the backdrop of Jansol Engineering and his promoters Anmol Singh Jaggi and Puneet Singh Jaggi to ban the security of the Securities market till further orders due to the rigging of funds and working flaws of the Securities and Exchange Board of India (SEBI). The regulator also stopped Anmol and Puneet Singh Jaggi from holding the post of director or leading managerial in Jansol till further orders.

Apart from this, the market regulator also directed Jansol Engineering Limited (GEL) to stop the share division announced by it. The company’s stock has fallen nearly 90 percent of its peaks. About one lakh small investors are still stuck in this stock. After all, what is the whole matter, let’s know. SEBI has removed Jansol Engineering promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the post of director of the company. Along with this, both brothers have also been banned from the stock market. SEBI said that these two brothers cannot take any important positions in the management team of Jansol Engineering.

What is the Jansol scam?

According to SEBI’s interim inquiry report, Jansol took a term loans of Rs 978 crore from Ireda and PFC between 2021 and 2024. Of these, 664 crore rupees were to be used to buy 6400 electric vehicles, which the company later used to lease Blue Smart.

Apart from this, Jansol was also willing to give an additional 20 percent additional equity margin, which would increase the total expenditure on the purchase of electric vehicles to Rs 830 crore. However, the company said in an information sent to the stock market in February that it has bought only 4704 electric vehicles so far. Even on this, his expenditure has come to Rs 568 crore.

262 crore mess

That is, if you reduce it out of Rs 830 crore, then the account of about 262 crores has not been received yet. Whereas, the company has got more than a year has got loan money. SEBI is knocking the same thing. Go Auto, a company supplying electric vehicles to Jansol, has also confirmed that Jansol has purchased 4704 EVs for a total expenditure of Rs 568 crore.

Investigation by Regulator SEBI has revealed that a large part of the money transferred to Go Auto to buy electric vehicles was either returned to the company or sent to the institutions that were associated with the direct or indirect Jensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi.

EV’s money diverted in real estate

SEBI in his investigation found that Jaggi Bhaiye also used his money for his personal expenses. After receiving a loan installment from IRdea in the year 2022, Jansol first transferred most of the money to Go Auto and then Go Auto transferred the same money to a company named Cabridge, which SEBI has found an institution associated with Jansol.

Cabridge later transferred 42.94 crore rupees, or about Rs 43 crore to real estate legendary company DLF. When SEBI contacted DLF in this whole matter, it was found that this amount was paid to buy apartments in a very luxurious project of DLF named The Camelias of Gurugram. According to SEBI, the apartment was purchased in the name of the firm in which Anmol Singh Jaggi, MD of Jansol and his brother partners. That is, the loan of the loan found in the name of EV was diverted in real estate.

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