Gensol Engineering Ltd has come under investigation after Power Finance Corporation Ltd (PFC) filed a complaint with the Economic Offences Wing (EoW) of Delhi Police. PFC, a government-owned NBFC, alleged that Gensol submitted false documents related to loan servicing.
In a statement released on April 22, PFC said it is committed to protecting its interests and ensuring loan recovery while following full transparency. The company is also reviewing the situation internally under its “anti-fraud policy.” PFC also clarified that it did not issue any letters to credit rating agencies CARE and ICRA, countering claims made by Gensol.
Gensol, previously associated with electric vehicle ride-share platform BluSmart, has been accused of producing altered letters of PFC and Indian Renewable Energy Development Agency Ltd (IREDA) and claiming them to be authentic. The false letters purported to say that the loan repayment by Gensol was prompt. The fraud was exposed when credit rating agencies compared the letters with the lenders.
The complaint is the fourth active case against BluSmart and Gensol. SEBI and the Ministry of Corporate Affairs are also investigating the firm. The Enforcement Directorate (ED) is also likely to initiate a money-laundering inquiry.
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Source: Moneycontrol.
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