The Securities and Exchange Board of India (SEBI) has accused Gensol Engineering Ltd. of large-scale fund diversion, with a portion of the money traced to personal expenses and investments linked to Anmol Singh Jaggi—its promoter—and entities associated with former Shark Tank India judge Ashneer Grover.
₹382 Crore Routed Through Linked Parties
As per an interim order issued by SEBI Whole-Time Member Ashwani Bhatia on April 15, 2025, a total of ₹424.14 crore was transferred from Gensol to an affiliated entity, Wellray, during the financial years 2022–23 and 2023–24. SEBI’s investigation revealed that ₹382.84 crore of this amount was subsequently routed to various other entities, including ₹246.07 crore to related or linked parties.
Of particular concern is the alleged diversion of ₹25.76 crore for personal use by Jaggi and his family members. SEBI’s forensic trail highlighted payments to close relatives and purchases unrelated to Gensol’s core business, which is primarily involved in renewable energy and electric mobility.
Spouse Named in SEBI Order
Among the transactions, a ₹2.98 crore transfer was made to Mugdha Kaur Jaggi, described as Anmol Singh Jaggi’s wife. Public records show a person by the same name as a 2009 batch officer of the Indian Defence Accounts Service, currently holding a Director-level post in the central government. This individual has also appeared in association with the Param Sewa Foundation, a nonprofit entity linked to the Gensol group.
Investments in Startups, Including Ashneer Grover’s Third Unicorn
SEBI’s order further discloses that Jaggi invested ₹50 lakh in Third Unicorn Pvt. Ltd., co-founded by Ashneer Grover, along with Madhuri Jain Grover and Aseem Ghavri. Jaggi purchased 2,000 shares and was listed as a shareholder as of March 31, 2024.
In addition, a ₹1.35 crore investment was made in Batx Energies, a lithium-ion battery recycling startup established in 2020, where Jaggi is also a shareholder. Emails sent to Gensol Engineering, Third Unicorn, and the publicly available email ID of Mugdha Kaur Jaggi went unanswered at the time of publishing.
Breakdown of Major Transactions Identified by SEBI
SEBI’s order outlines a series of allegedly unauthorized expenditures and investments made from company funds earmarked for electric vehicle procurement. Some notable disbursements include:
| Recipient/Entity | Amount | Remarks |
|---|---|---|
| Jasminder Kaur (Mother) | ₹6.20 crore | Personal/family transaction |
| Mugdha Kaur Jaggi (Spouse) | ₹2.99 crore | Personal/family transaction |
| Foreign currency transaction | ₹1.86 crore | Appears to be for personal use |
| Batx Energies | ₹1.35 crore | Business investment |
| Third Unicorn Pvt. Ltd. | ₹50 lakh | Startup investment (Grover-linked) |
| TaylorMade Golf Set | ₹26 lakh | Luxury personal item |
| Capbridge Venture | ₹25 lakh | Financial investment |
| ICICI Securities | ₹23 lakh | Personal use |
| Jabir Mahendi M (Ex-CFO, Gensol) | ₹20 lakh | Internal transfer |
| Titan Company | ₹17.28 lakh | Retail/personal expense |
| DLF Homes | ₹11.75 lakh | Linked to high-end apartment purchase |
| Kamco Chew Food Spa | ₹10.37 lakh | Lifestyle/personal |
| ICICI Bank Credit Card | ₹9.95 lakh | Personal expense |
| Mayo Design | ₹8 lakh | Personal expense |
| Shalmali Kaur Jaggi (Ex-Director) | ₹6 lakh | Internal transfer |
| MakeMyTrip | ₹3 lakh | Personal travel |
| Ali Imran Naqvi (Executive Director) | ₹1.5 lakh | Internal transaction |
Total: ₹25.16 crore
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Real Estate Investment in The Camellias
The most glaring revelation in SEBI’s order is the alleged use of Gensol’s funds to buy a luxury apartment in The Camellias, an ultra-premium residential project in Gurugram. The property was reportedly purchased in the name of a firm where Anmol Singh Jaggi and his brother are designated partners. The funds used for this transaction were initially raised as loans for purchasing electric vehicles under Gensol’s green mobility mission.
SEBI concluded that a complex web of transactions was orchestrated to layer and conceal the diversion of funds, violating governance norms and misleading stakeholders.
SEBI’s interim order signals serious governance lapses at Gensol and casts a spotlight on the questionable deployment of investor and loan capital in startups and luxury items. As the matter progresses, further regulatory actions and legal proceedings could follow, depending on the company’s response and the findings of a final probe.