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Jayant Mundhra
•
Dexter Capital Advisors • 3d
Sadly, the entire Gensol scam deepens. Jaggi orchestrated such big lies and scams. He claimed that: - Gensol had operationalised a EV manufacturing plant in Pune’s Chakan automotive industrial area - And that in Feb, the company had received pre-orders for ~30k of its flashy new 3-wheel car (I continue to call it reverse-auto) And guess what? The factory itself does not exist! .. NSE officials visited the plant on 9 April (one week ago) as part of the investigations. They found: - Zero manufacturing activity or setup - Only 2-3 labourers were present at the site This was just a leased site with an outer facade to give the impression that it was a manufacturing site, when in fact, it was hollow from inside. Cheers! .. Dot two days after Jaggi’s tall claims of having received all those 30k pre-orders I had also called out in a viral deepdive, how Gensol had practically received NO ORDERS AT ALL. - I had highlighted that one could go and make an order for zero exchange of money. Not even a measly Rs 100 per unit - This was much different from the industry practice, where a minimum of 1% of the vehicle’s price woudl be charged - sometimes as much as 5% Outcome? The company LITERALLY fudged it all. They could have well claimed 3 lakh pre-orders, just that it would attract more questions. .. I was heavily attacked by trolls and blind lovers of the so-called founder, for being a jealous nobody. Fast Forward: Officials have confirmed that the company RECEIVED ZERO PRE-ORDERS, and rather, it got 29k expressions of interest. In layman’s terms: NOTHING. .. Yet again, public lenders (IREDA, PFC, and REC) have been bled and defrauded. Who were the officials involved? How much was put in their pockets? Plus, why were regulators sleeping all this time? Again, how much was put into whose pockets to keep them silent? What the heck were the auditors busy snorting? And how will NFRA hold them accountable? And what of the independent directors? These questions demand answers amidst all the hype. Period.
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