Gensol Engineering Ltd. is now under the scanner of the Economic Offences Wing (EoW) after Power Finance Corporation Ltd (PFC), a government-owned NBFC, filed a complaint. The complaint alleges that Gensol Engineering submitted falsified documents in connection with a loan.
In an official statement released on April 22, PFC confirmed the development, stating that the complaint was made to safeguard its interests and to ensure loan recovery transparently. The lender also mentioned that the matter is being looked into internally under its anti-fraud policy, indicating the seriousness of the issue.
The situation reportedly escalated when Gensol allegedly forged letters from both PFC and Indian Renewable Energy Development Agency Ltd (IREDA). These documents were intended to show that the company was regular in repaying its loans. However, the truth surfaced when credit rating agencies began verifying these letters directly with the lenders.
Interestingly, PFC has clarified that it did not issue any letters to rating agencies CARE and ICRA, despite those names appearing in the documentation provided by Gensol. This discrepancy triggered the alarm and led to further investigation.
This latest turn has cast a shadow over Gensol Engineering, which was also linked to BluSmart, a ride-hailing electric vehicle (EV) platform. The implications could be significant for both the company’s financial credibility and its relationship with lenders.
With regulatory authorities now involved, Gensol may face serious consequences if the allegations are proven true, setting a precedent for stricter scrutiny in the renewable energy and EV sectors.
