IREDA labels Gensol Engineering, Gensol EV Lease accounts as fraud

IREDA declared the loan accounts of Gensol Engineering and subsidiary, Gensol EV Lease, as fraud, citing misappropriation of funds and criminal breach of trust. The outstanding dues totalled nearly ₹673 crore, with 85% provisioning made on each account. Notably, Gensol Engineering's promoters Anmol Singh Jaggi and Puneet Singh Jaggi are facing regulatory action over alleged diversion of EV funds.