EV cab service BluSmart co-founder Puneet Jaggi has been detained from a hotel in Delhi by the Enforcement Directorate (ED) in a case linked to Gensol Group, another company that he co-founded.
The ED also searched properties of Gensol in Delhi, Gurugram, and Ahmedabad, sources said. The action came in a case under the Foreign Exchange Management Act (FEMA), they said.
Mr Jaggi had been staying in the Delhi hotel for the last one week, sources said.
Power Finance Corporation filed a complaint with the Delhi Police and the Economic Offences Wing some days ago, sources said, adding Mr Jaggi's brother Anmol Jaggi is in Dubai and has not yet returned to India.
This ED investigation began on the basis of a report by the capital markets regulator SEBI, which alleged fund diversion, transfer of money to shell firms, share price manipulation, and running personal expenses from loan funds.
Sources said the ED may start a fresh investigation for alleged money laundering.
The ED has traced the wives of the Jaggi brothers in Pune, and they are likely to be questioned too, sources said.
from NDTV News- Special https://ift.tt/Sna7d0m
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