₹50 crore DLF Camellias Gurgaon flat: Here’s how Anmol Singh Jaggi used Gensol funds

The Securities and Exchange Board of India (Sebi) issued an interim order on Tuesday against Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The order pointed out several governance issues and misappropriation of funds, including DLF's purchase of a luxurious residential apartment, ‘The Camellias’ in Gurgaon.

Funds were sent to a firm linked to the promoter via a series of transactions through a car dealer, which was later used to pay for the luxurious property, according to the Sebi order.

How were funds diverted to buy Camellias flat?

Gensol Engineering took a loan of ₹71.41 crore from IREDA and transferred ₹26 crore from its own account. These funds, worth ₹97 crore, were later transferred to Go-Auto, a car dealership firm related to the company. Go-Auto sent ₹50 crore to Capbridge Ventures, a firm controlled by Anmol Singh Jaggi.

“Bank statements of Capbridge Ventures LLP further showed that it received ₹70 crore in FY 2023 from Go-Auto: ₹50 crore on October 03, 2022, which was partly utilized for acquiring the apartment in ‘The Camellias,’ DLF," Sebi's interim order said.

The market regulator stated that on September 29, 2022, Jasminder Kaur, mother of Anmol Singh Jaggi, paid ₹5 crore in advance to DLF for booking the apartment. This amount was also sourced from Gensol.

On October 06, 2022, Capbridge transferred ₹42.94 crore to purchase the apartment, the order said, citing information provided by DLF.

The apartment was formally allotted to Jasminder Kaur on October 20, 2022.

The allotment was transferred to Capbridge on request. On November 21, 2022, the advance of ₹5 Crore was returned by DLF to Jasminder Kaur.

An illustration of how funds were transferred — 

Misappropriation of funds

Sebi alleged that loans taken by Gensol to procure EVs were partly used to buy this premium property in the name of a firm in which Gensol's MD and his brother are designated partners.

Gensol procured term loans worth ₹977.75 crore from IREDA and PFC as term loans of which ₹663.89 crore were to be used to purchase 6,400 EVs and subsequently lease them to BluSmart, a ride-hailing company related to Gensol.

However, the company acknowledged that it had bought 4,704 electric vehicles (EVs) to date. It bought these EVs from Go-Auto for ₹567.73 crore. Additionally, Gensol was supposed to provide 20 per cent equity contribution, bringing the total funds to ₹829.86 crore to buy 6,400 EVs. On the basis of these numbers, a sum of ₹262.13 remains unaccounted.

Other lavish spendings

From golf set worth ₹26 lakh to ₹9.95 lakh credit card payments. Here's a list of other lavish expenses made by Gensol promoters as per the Sebi order.

• ₹26 lakh were paid to TaylorMade for a golf set.
• ₹3 lakh to MakeMyTrip for personal travel.
• ₹9.95 lakh to ICICI Bank credit card for personal usage.
• ₹17.28 lakh to Titan Company.
• ₹10.36 lakh were paid to Kamco Chew Food Pvt Ltd Spa.
• ₹8 lakh to Mayo Design.
• ₹23 lakh were paid to ICICI Securities for personal purposes.

Sebi order

The interim order came after the market regulator probed a complaint received in June 2024, which highlighted serious governance lapses, fund diversion, and falsified document submissions. The complaint alleged share price manipulation and misappropriation of company funds.

“The promoters were running a listed public company as if it were a proprietary firm,” Sebi whole-time member Ashwani Bhatia stated. “Company funds were routed to related parties and used for unrelated expenses—as if the company’s funds were the promoters’ piggy bank," he added.

Investment in Ashneer Grover's startup

The bank statement of Anmol Singh Jaggi showed that most of the funds were transferred to related parties and family members or used for personal expenses. He allegedly used ₹50 lakh from the diverted funds to invest in Ashneer Grover’s startup, Third Unicorn, and held 2,000 shares in the company as of  March 31, 2024.

Previously, Gensol had proposed a stock split in a 1:10 ratio, which was expected to increase retail investor interest. However, Sebi's interim order has now suspended the corporate action.

About Gensol Engineering

Gensol Engineering Limited specialises in solar power project services and electric vehicle (EV) manufacturing and leasing. Its solar project services span project concept to commissioning, including advisory, execution, and operations. Established in 2012, the company was founded by Anmol Singh Jaggi and Puneet Singh Jaggi.