(Reuters) -India’s Power Finance Corp (PFC) filed a complaint with the economic offences wing against Gensol Engineering over the alleged submission of falsified documents, it said on Tuesday.
PFC is also currently internally investigating the issue under its anti-fraud policy, it said.
India’s markets regulator has 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’s stock has cratered as it grapples with a slew of challenges and allegations, including falsifying financial documents, suspension of services by BluSmart and resignations of three independent directors.
PFC said it had lent 3.52 billion rupees ($41 million) to Gensol in 2023 for leasing 3,000 electric vehicles for BluSmart but has so far received only 450 million rupees as of April 18.
Gensol had previously denied defaulting on its debt.
($1 = 85.1630 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Anil D’Silva)
