PFC Lodges a complaint against Gensol Engineering with the Economic Crime Pavilion for Fake Documents

Power Finance Corporation (PFC), a state -run -off financial company, submitted a complaint to the Economy Crime Wing against Gensol Engineering Ltd (GEL) by submitting fake documents. This procedure follows an investigation that began under the anti -fraud policy in PFC, after the violations that were discovered during a routine credit classification. The company stated in its official edition: “PFC is actively tracing more procedures in the case and exploring all possible options.”

The controversy erupted when credit rating agencies tried to verify the documents provided by Gensol, which provide consulting and solar engineering services. Instead of the required loan data required, it has been reported that he has provided “behavior messages” from Ireda and PFC with “no objection certificates”.

These documents are usually required to withdraw credit ratings, not for the required purposes. PFC explained that it had not issued any messages to the concerned credit rating agencies, which are Care and ICRA, PTI reported.

In January 2023, PFC approved a 633 rupees loan to Gensol Engineering as part of its support for the government’s electric vehicle accreditation strategy (EV), under programs like FAME and PM Bus Seva. The money was aimed at buying 6000 electric cars, including 587 rupees to rent 5,000 electric four -wheel wheels for the Youmasart Motor and 46 rupees compared to 1,000 electric wheels for shipping operations. However, the three -wheel loan loan was not used, and not only 352 rupees were spent for the four wheels.

“The amounts of the flexible amount began to block 45 rupees, leaving a headmaster of 307 rupees on April 18, 2025.

“Until January 31, 2025, Gensol was serving its dues regularly. In the fourth quarter of the fourth quarter of the year 25, PFC called for the DSRA to survey February and 2025 dues,” the company said, adding, “PFC is following another effectiveness in the immediate case and exploring all possible options.”

As of now, Gensol has delivered 2,741 electric cars, which was assumed to PFC, according to the third -party verification. In April 2025, Gensol 45 crores fired rupees, leaving a distinguished balance of 307 rupees.

The company was serving its dues regularly until January 2025. In the fourth quarter of fiscal year 25, PFC called for the DSRA reserves to settle dues for the month of February and 2025.

The Securities and Stock Exchange Council in India (Sebi) recently taken a measure against Gensol engineering and promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, in a case that involves the transfer of funds and governance wraps. Sebi prevented them from participating in the stock markets until further notice.

In addition, Sebi has instructed Gensol Engineering Ltd (GEL) to suspend the shares of the previously announced shares by the company. The promoters were also banned from holding the position of director or major administrative staff in any listed company.

This procedure began after Sebi received a complaint in June last year regarding the manipulation of stock prices and the transfer of money from the gel. Sibi has since been investigating the matter.