ED raids Gensol, detains co-promoter Puneet Jaggi
New Delhi, Apr 24 (PTI): The Enforcement Directorate Thursday conducted searches against beleaguered Gensol Engineering Ltd and detained its co-promoter Puneet Singh Jaggi from a Delhi hotel, official sources said.
The raids were conducted at company's premises in Delhi, Gurugram and Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA).
The promoter brothers of the company -- Anmol Singh Jaggi and Puneet Singh Jaggi -- are under the scanner of the federal probe agency following a SEBI report against them for alleged financial misconduct and diversion of funds.
The sources told PTI that Puneet Jaggi was detained by the ED from a Delhi hotel while Anmol Jaggi is stated to be in Dubai.
The ED action is based on the SEBI order which claimed that Gensol Engineering obtained loans from Power Finance Corporation and IRDEA Ltd for procurement of EVs and EPC contracts.
However, according to the sources, the company instead of utilizing these funds for the intended purposes had diverted the funds for purchasing the assets in personal name of promoters or their relatives or in various shell entities floated by the group.
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Drug peddler's property worth Rs 1 crore attached in Srinagar
Srinagar (PTI): Property worth Rs 1 crore belonging to a notorious drug peddler was on Saturday attached in Jammu and Kashmir's Srinagar, police said.
A double-storey house on eight marlas of land situated at Wantpora Eidgah, belonging to Basit Bilal Dar, a notorious drug peddler, valued at approximately Rs 1 crore, a police spokesperson said.
He said Dar is involved in two cases registered under various sections of the NDPS Act.
During investigation, it was established that the accused had acquired the said property through illicit proceeds generated from drug trafficking activities, the spokesperson said.
Consequently, the property was attached under the provisions of the NDPS Act. The attachment proceedings were conducted in the presence of the two independent witnesses, strictly in accordance with the prescribed legal procedures, he said.
As per the attachment order, the owner has been restrained from selling, leasing, transferring, altering, or creating any third-party interest in the property till further orders, the spokesperson added.
