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.