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The Enforcement Directorate on Monday conducted searches against beleaguered Gensol Engineering Ltd and seized some documents, financial records and electronic devices at the premises of embattled Gensol Engineering, the company said.

"The seizures took place during a search operation by the Directorate of Enforcement at the company's premises in the cities of Gurgaon and Ahmedabad," the company said in a statement.

Gensol Engineering Ltd,  which has come under scrutiny for allegedly defaulting on debt, said that the financial impact of the search and seizure operation could not be ascertained.

Earlier, on Thursday, the ED also conducted searches at the company’s premises in Delhi, Gurugram and Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA).

The promoter brothers of the company, Anmol Singh Jaggi and Puneet Singh Jaggi — who also cofounded EV cab service BluSmart, are under the scanner of the federal probe agency following a SEBI report against them for alleged financial misconduct and diversion of funds.

The ED action is based on the SEBI order which claimed that Gensol Engineering obtained loans from Power Finance Corporation and IRDEA Ltd for procurement of BluSmart EVs and EPC contracts.

However, according to the sources, the company instead of utilising these funds for the intended purposes had diverted the funds for purchasing the assets in personal name of promoters or their relatives or in various shell entities floated by the group.

*With Agency Inputs

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