India, April 25 -- Now, ED Detains BluSmart's Cofounder

In a surprise action, the Enforcement Directorate (ED) has detained Puneet Singh Jaggi, one of the two Gensol promoters, from a hotel in New Delhi.

Agency Knocks On Gensol's Doors: Puneet was detained after the ED conducted raids at multiple premises linked to Gensol in Delhi, Gurugram and Ahmedabad. While the EPC company's promoters have been in the dock for stock manipulation, debt defaults, misleading credit rating agencies, and siphoning off funds, the ED raids were linked to foreign exchange violations.

SEBI's Gensol Expose: Last week, a SEBI order revealed that the duo misutilised Gensol's funds in a fraudulent manner and treated the capital as their piggybank and diverted l...