Golf Sets And Spa Days? SEBI Uncovers Gensol's Alleged Piggy Bank

The Securities and Exchange Board of India (SEBI) scrutinises Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi over questionable fund usage. Their bank statements raise concerns about the company's commitment to financial transparency.

BlueSmart, under the parent company Gensol Engineering Ltd., faces allegations of financial misconduct.  

Let's take a closer look at Anmol Singh Jaggi's bank statements, which have diverted a massive Rs 25.76 crore expense to personal activities, showing alarming patterns of misappropriation.  

Anmol Jaggi transferred a massive amount of Rs 10.64 crore to Gensol Ventures.  

Large amounts of Rs 6.20 crore and 2.98 crore were transferred from Anmol Singh Jaggi's account to his mother and wife, respectively.  

A concerning expense of Rs 1.86 crore in foreign currency, such as UAE Dirhams, was spent for personal purposes.  

Anmol Singh Jaggi spent Rs 26 lakh on a golf set, Rs 23 lakh on ICICI Securities, Rs 17.28 lakh on a Titan watch and jewellery, Rs 11.75 lakh on DLF Homes, and Rs 10.36 lakh on a spa treatment. 

Anmol also spent Rs 9.95 lakh to pay his ICICI Bank credit card bill and 3 lakh for travel booking at Make My Trip.  

Similarly, Punnet Singh Jaggi's bank statements revealed that Rs 13.55 crore of company funds were misused. Let's break down the fund utilisation and gain a better understanding. 

The largest transaction was Rs 10.03 crore to Gensol Venture Pvt Ltd., a company linked with Amol.  

Punnet revealed a common expenditure of Rs 1.13 crore transferred to his wife, Shalmali Kaur Jaggi and Rs 7.52 crore to his mother, Jasminder Kaur.  

Once again, Rs 66.35 lakh was spent on foreign currency exchange for personal consumption.  

He has Rs 36 lakh in American Express cards, including Rs 13 lakh on his Amex Card. His expenditures include Rs 11.4 lakh on INFT payments and Rs 3 lakh for lease deed registration. 

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