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The Enforcement Directorate (ED) is preparing to question Gensol Engineering promoters, Anmol and Puneet Singh Jaggi, in connection with the ongoing investigation into the Mahadev Book app illegal betting and money laundering case, according to sources cited by the Economic Times.
While formal summons have not yet been issued, the ED has frozen over 500,000 shares of Gensol Engineering. These shares were previously held by Dubai-based Zenith Multi Trading DMCC, an entity linked to accused Hari Shankar Tibrewal, an accused in the Mahadev betting app case. Investigators suspect that the shares were part of a scheme involving artificial stock price manipulation using tainted funds routed through foreign portfolio investors (FPIs).
A senior government official stated, “The probe has revealed stock manipulation using tainted funds in the Mahadev app case, which were received in Gensol Engineering through the FPI routes. The probe will ascertain whether the promoters were aware of this fact.”
The ED recently attached assets worth Rs 573 crore related to the illegal betting network, including securities and demat holdings linked to Gensol. BSE data shows that as of December 2024, the ED’s Raipur Zonal Office holds 1.37 percent of Gensol’s equity.
On April 16, the ED conducted coordinated searches across multiple cities, including the residence of EaseMyTrip founder Nishant Pitti in New Delhi. The agency is focused on uncovering how illicit funds were funneled into the market via preferential share allotments and promoter-controlled stock sales to manipulate Gensol’s share price.
The Mahadev probe has expanded significantly, with the ED conducting searches at 170 premises and seizing assets worth over Rs 3,002 crore. Thirteen individuals have been arrested, and 74 entities have been named across five prosecution complaints. The investigation includes tracking money flows into offshore properties and cryptocurrency investments.
Background: Mahadev Book app syndicate
The Mahadev Book app is allegedly at the center of a massive illegal betting and money laundering network. The syndicate is believed to have laundered over Rs 5,500 crore, investing the proceeds in cryptocurrencies, shell companies, and overseas real estate. The key accused, Saurabh Chandrakar and Ravi Uppal, are reported to have fled India and acquired Vanuatu citizenship.
The ED’s May 2024 supplementary chargesheet outlines how funds were laundered using foreign entities and stock investments, identifying Tibrewal’s Dubai connection and Suraj Chokhani’s involvement in suspicious share deals.
Sebi scrutiny of Gensol Engineering
The ED scrutiny comes as Gensol Engineering is also under investigation by Sebi for alleged financial misconduct, misleading public disclosures, and fund diversion.
Sebi’s interim order earlier this month alleged out that there was no real manufacturing activity at Gensol’s EV facility in Pune, despite the company’s claims of having secured 30,000 pre-orders. A site visit by NSE found only two to three workers on-site and minimal electricity usage, suggesting the plant was largely inactive.
The EV pre-orders were reportedly found to be non-binding memorandums of understanding, lacking pricing details or delivery timelines. Additional concerns included a questionable deal with Refex Green Mobility that was later withdrawn and the inflated valuation of a US subsidiary sale. Out of Rs 977.75 crore in loans raised, over Rs 260 crore is reportedly unaccounted for, with funds allegedly misused for luxury expenses and transferred to entities linked to the promoters.
As a result, Sebi barred the Jaggi brothers from holding market or executive positions. Their exit has also triggered a major operational halt at affiliate BluSmart, which suspended its electric cab services following the revelations.
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