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PFC files complaint with economic offences wing against Gensol Engineering
VCCircle
·
3m ago
Medial
India's Power Finance Corp (PFC) has filed a complaint against Gensol Engineering with the economic offences wing, alleging falsified document submissions. Concurrently, PFC is conducting an internal investigation under its anti-fraud policy. Gensol’s founders have been barred from key positions by India's markets regulator due to alleged debt default for their startup BluSmart Mobility. Despite Gensol denying defaulting, the company faces challenges, including stock decline and executive resignations, after a 3.52 billion rupee loan from PFC.
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IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint
YourStory
·
3m ago
Medial
Indian Renewable Energy Development Agency (IREDA) filed a complaint with the Economic Offences Wing against Gensol Engineering's promoters for diluting their shareholding without lender approval, breaching contract terms. Focused on buying electric vehicles, Gensol faces scrutiny due to alleged fund misuse by its promoters Anmol and Puneet Singh Jaggi. BluSmart, associated with Gensol, ceased operations, intensifying lender concerns about potential non-performing assets. The issue is under internal review, with IREDA aiming for remedial actions.
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BluSmart buyout buzz grows — but Gensol’s troubles may derail the ride
Business Today
·
3m ago
Medial
BluSmart's potential buyout is complicated by legal issues involving Gensol, as the latter faces allegations of document falsification in an electric vehicle leasing project. Legal experts suggest that any acquisition would be difficult due to these complications. A formal complaint has been lodged with the Economic Offences Wing (EoW) by PFC, further complicating the situation for both companies. Consequently, the possibility of a BluSmart buyout has garnered heightened scrutiny amid these existing legal troubles.
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TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation - The Economic Times
Economic Times
·
1m ago
Medial
TradeCred has filed a criminal complaint against Bizongo, its executives, and investors, alleging Rs 69 crore misappropriation in funds. The complaint, filed with Mumbai Police's Economic Offences Wing, accuses Bizongo of double recovery by collecting payments directly rather than through required escrow accounts, violating contractual agreements. While Bizongo denies wrongdoing, claiming repayments were made correctly, TradeCred seeks to convert the claim into equity. Bizongo shifted focus from supply chain finance post-allegations.
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Ashneer alleges 'wild-goose chase' by Delhi Police in BharatPe case: Report
Money Control
·
1y ago
Medial
BharatPe ex-MD Ashneer Grover has urged Delhi Police's Economic Offences Wing (EOW) to stop its "wild-goose chase" against him, Moneycontrol reported citing his letter to EOW officials. Ashneer said EOW's investigation on BharatPe's complaint could be "one-sided" and "non-compliant" with due procedures. He wrote the letters after EOW declined to remove a lookout circular against him and his wife.
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Gensol-BluSmart Fiasco: IREDA Files Insolvency Plea Over ₹510 Crore Default
OutlookIndia
·
2m ago
Medial
The Indian Renewable Energy Development Agency (IREDA) has filed an insolvency application against Gensol Engineering Limited for defaulting on a loan exceeding ₹510 crore. Gensol had borrowed ₹977.75 crore from IREDA and Power Finance Corporation to purchase electric vehicles for BluSmart but acquired fewer vehicles than committed. Consequently, IREDA and PFC lodged complaints for manipulated debt documents. Amid regulatory scrutiny and financial misconduct allegations, Gensol's managing directors resigned following SEBI's interim order banning their market access.
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Broker network’s Rahul Yadav out on bail after bounced cheque complaint in Mumbai
Inc42
·
1y ago
Medial
Former Broker Network employee Arun Singh Shekhawat filed a complaint against Rahul Yadav for allegedly borrowing INR 50 Lakh from him for paying salaries to employees at Broker Network. In November 2023, Yadav appeared in court after a bailable warrant was issued. The complaint was registered under Section 138 of the Negotiable Instruments (Amendment) Act, relating to a bounced cheque for INR 50 Lakh. This case is one of the two being investigated by the Economic Offences Wing against Yadav, including allegations of non-payment of dues and fraud amounting to INR 288 Cr.
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Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default
Entrackr
·
2m ago
Medial
Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default The Indian Renewable Energy Development Agency (IREDA) has moved the National Company Law Tribunal (NCLT) against Gensol Engineering Ltd, seeking insolvency proceedings over a Rs 510 crore loan default, according to a regulatory filing made to the Bombay Stock Exchange (BSE). As per the filing, IREDA has filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), showing a significant step in its attempt to recover dues from the Ahmedabad-based renewable energy firm. Gensol, which has been active in engineering, procurement, and construction (EPC) services for solar power projects, as well as in the electric mobility space, had taken loans amounting to over Rs 977 crore from IREDA and Power Finance Corporation (PFC). Out of Rs 977 crore, around Rs 664 crore was allocated for purchasing EVs for BluSmart, an electric ride-hailing platform co-founded by Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi. This insolvency action comes just weeks after IREDA complained to the Economic Offences Wing (EOW), accusing Gensol of diverting funds and submitting false documents. The agency also said the company’s promoters reduced their shareholding without informing the lender. Following the controversy, market regulator SEBI barred both Jaggi brothers from holding any executive or directorial positions in listed companies. The duo stepped down from their respective roles on May 12. Gensol, once considered a rising player in India’s green mobility and solar infra push, is now facing a potential corporate insolvency resolution process (CIRP), subject to admission by the National Company Law Tribunal (NCLT).
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Key Vendor In BharatPe Fraud Case Arrested: Report
Inc42
·
12m ago
Medial
The Delhi Police's Economic Offences Wing (EOW) has arrested Amit Kumar Bansal, a key vendor involved in the BharatPe fraud case. Bansal was taken into custody on August 6 and has been granted six-day police custody. The fintech company had filed a complaint with the EOW, accusing Ashneer Grover and his family of fraud amounting to INR 81.28 crore.
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Mahadev App Scam: Chhattisgarh EOW Files FIR Against Former CM Baghel
Inc42
·
1y ago
Medial
The Economic Offences Wing (EOW) in Chhattisgarh has filed a case against former chief minister Bhupesh Baghel and others in connection with the Mahadev online book illegal betting app scam. The case was registered based on an investigation report submitted by the Enforcement Directorate. Baghel and several app promoters have been named as accused in the FIR. The scam involved the creation of a platform for live online betting and the involvement of panel operators and branch operators. The promoters and operators reportedly earned around INR 450 Cr per month through the app.
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BharatPe fraud: EOW spots date discrepancies
Livemint
·
1y ago
Medial
An investigation by the Delhi Police's Economic Offences Wing (EOW) has found that recruitment firms associated with BharatPe co-founder Ashneer Grover and his family used backdated invoices to embezzle funds from the fintech unicorn. The EOW report revealed that several HR consultancy firms hired by BharatPe shared the same registered address with the accused family members and relatives, and submitted invoices with bank account numbers that were not open at the time. The investigation is ongoing, and BharatPe had previously filed a criminal complaint against Grover and his family members for a ₹81.28 crore fraud.
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