India's IREDA files complaint against Gensol over alleged document fraud

Indian Renewable Energy Development Agency

25/04/2025 16:35

April 25 (Reuters) - Indian state-owned renewables lender filed a complaint with the Economic Offences Wing (EOW) against Gensol Engineering GENO.NS and begun an internal review over an alleged submission of falsified documents, it said on Friday.

In a statement, the Indian Renewable Energy Development Agency (IREDA) INAR.NS, said, "The investigation and risk committes of IREDA are closely examining the matter. Appropriate actions regarding collateral and recoveries will be taken based on outcome of the review."

Earlier this week, another loan financier to Gensol, Power Finance Corp (PFC) PWFC.NS filed a complaint with the EOW against the company.

Credit ratings agencies, in March, alleged that the company submitted falsified financial documents and downgraded the company.

India's markets regulator barred Gensol founders Anmol Singh Jaggi and Puneet Singh Jaggi from holding key positions in the company after allegedly defaulting on debt it raised to finance electric vehicle purchases for their ride-hailing startup BluSmart Mobility.

Gensol has previously denied defaulting on its debt.

Promoters of the company sold 2.4% stake after the agencies' downgrades, a move that IREDA says was done without lenders' approval, "constituting breach of contract".

 (Reporting by Manvi Pant in Bengaluru; Editing by Vijay Kishore)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))