Legal10 Jul 2026, 09:50 pm
IREDA Declares Gensol Engineering Accounts as Fraud
AI Summary
Indian Renewable Energy Development Agency Ltd (IREDA) has declared the accounts of M/s Gensol Engineering Limited and its subsidiary M/s Gensol EV Lease Limited as fraud. This declaration has been reported to the Reserve Bank of India (RBI) as per regulatory requirements. The total outstanding amount declared as fraud is ₹453.77 Crore for Gensol Engineering Limited and ₹218.97 Crore for Gensol EV Lease Limited. Provisions held are 85% for both entities. The fraud involves misappropriation, criminal breach of trust, and forgery.
Key Highlights
- IREDA declared Gensol Engineering and its subsidiary as fraud.
- Total fraud amount stands at ₹672.74 Crore.
- Accounts reported to RBI as per regulatory norms.
- Fraud includes misappropriation and forgery allegations.
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