Gensol scam: Sent crores to wife and mother - this is how Anmol Singh Jaggi turned the company into a personal safe:

SEBI's latest report has exposed Anmol Singh Jaggi and his brother Puneet Singh Jaggi. Promoters of Gensol Engineering, these brothers misused investors' money and lived a luxurious life worth crores of rupees. Let's know how they used Gensol's money for personal benefit in 9 ways:

1. Bought a luxury flat worth Rs 43 crore from EV loan- Anmol and Puneet transferred the loan given by Gensol to buy EV to their own firm named Capbridge and from there spent Rs 42.94 crore to buy a flat in DLF Camellias.

2. Bought less vehicles, more money disappeared- The company had to buy 6,400 electric vehicles, but only 4,704 were bought. Out of Rs 830 crore, no account of Rs 262 crore was found.

3. Sent money back to their companies in a roundabout way- Out of Rs 43.68 crore received from IREDA, Rs 40 crore was sent to a firm named Wellray, which then returned Rs 29.5 crore to Gensol and gave Rs 3.9 crore to Prescinto-both are companies of the promoters.

4. Transferred directly to the promoter's account- SEBI found that out of the loan of ₹171.3 crore, ₹37.5 crore was transferred directly to Anmol Singh Jaggi's account.

5. Money was also routed through Capbridge and Gensol Consultant- Out of the loan of ₹117.47 crore received from PFC, ₹96.69 crore was transferred to the promoter's companies Capbridge and Gensol Consultant.

6. Wellray was made a means of moving funds- Gensol sent ₹424.14 crore to Wellray in FY23 and FY24, out of which ₹246.07 crore was transferred to related parties. ₹25.76 crores to Anmol, ₹13.55 crores to Puneet

7. Money was wasted on personal expenses- SEBI found in Anmol's bank statement that he spent ₹1.86 crores in foreign currency and bought a golf set (Taylor Made) worth ₹26 lakhs. ₹17.28 lakhs was spent on shopping from Titan. ₹6.2 crores was given to mother, ₹2.99 crores to wife and ₹3 lakhs was spent on travel on MakeMyTrip

8. Funds were sent to buy back their own shares- SEBI found that the Jaggi brothers used ₹10.09 crores to buy preferential shares of Gensol by funding their own company, which is a blatant violation of rules.

9. Manipulation of share price- Wellray traded ₹338 crores in Gensol shares, which was 99% of the transaction value. This fund was sent from Gensol and the promoter's companies, which artificially increased the share price.