Gensol Engineering Fund Diversion: How BluSmart Founders Jaggi Brothers Blew Rs 40 Crore On DLF Camellias To Golf & Spa

Gensol Engineering Fund Diversion: Gensol Engineering's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi are under intense scrutiny after a detailed analysis of their bank statements revealed that significant funds from the company were diverted for personal expenses, related party transactions, and investments.

These questionable uses of funds have raised serious concerns about corporate governance within Gensol Engineering, especially regarding the transparency of financial operations.

Anmol Singh Jaggi’s Fund Utilization

A closer look at Anmol Singh Jaggi’s bank statement reveals that a massive Rs. 25.76 crore was diverted to various personal and related party expenses. The breakdown of these expenses shows alarming patterns of misappropriation. The largest portion, Rs 10.64 crore, was transferred to Gensol Ventures Pvt. Ltd., a company linked to Anmol.

Also, large amounts were given to his family members: Rs 6.20 crore to his mother, Jasminder Kaur, and Rs 2.98 crore to his wife, Mugdha Kaur Jaggi.

Also Read: Gensol Engineering Share Price: Why Company Share Tanked 5% - All You Need To Know

More examination reveals more concerning expenses. Anmol spent Rs 1.86 crore on foreign currency (UAE Dirhams), spending, apparently for personal purposes.

Other personal expenditures were Rs 26 lakh on a golf set, Rs 23 lakh paid to ICICI Securities, and Rs 17.28 lakh paid at Titan Company likely to purchase watches or jewellery products. Other funds were spent on property-related expenses like Rs 11.75 lakh on DLF Homes, and Rs 10.36 lakh on a spa treatment at Kamco Chew Food Pvt Ltd Spa.

Anmol also used Rs 9.95 lakh to pay his ICICI Bank credit card bill, Rs 8 lakh for personal expenditures at Mayo Design, and Rs 3 lakh for travel bookings at Make My Trip.

Puneet Singh Jaggi’s Fund Utilization

Similarly, Puneet Singh Jaggi’s bank statement revealed that Rs 13.55 crore was misused similarly.

A large part of these transactions was made to Gensol Ventures Pvt. Ltd., of Rs 10.03 crore. Transfers within the family were also common in Puneet's expenditures, with Rs 1.13 crore transferred to his wife, Shalmali Kaur Jaggi, and Rs 87.52 lakh to his mother, Jasminder Kaur.

Puneet's expenditure also included Rs 66.35 lakh on foreign currency exchange, once again apparently for personal consumption. His bills for American Express cards totalled Rs 36 lakh, and another Rs 13 lakh was spent on a different Amex card. Other personal expenditures are Rs 11.4 lakh on an INFT payment, Rs 4 lakh on a personal payment, and Rs 3 lakh on a lease deed registration.

Moreover, Rs 3 lakh was deposited into Anmol's wife, Mugdha Kaur Jaggi, and Rs 2.61 lakh into an executive, Ali Imran Naqvi, from Gensol Engineering.