New Delhi:
Puneet Jaggi, co-founder of EV Cab Service Bluusmart, has been detained from a hotel in Delhi by the Enforcement Directorate (ED), in a case associated with another company Gensol Group, which he co-established.
Sources said that ED discovered the qualities of Gensol in Delhi, Gurugram and Ahmedabad. The action took place in a case under the Foreign Exchange Management Act (FEMA), he said.
Mr. Jaggi was staying in the Delhi Hotel for the last one week, the sources said.
Power Finance Corporation had filed a complaint with Delhi Police and economic crimes a few days ago, sources said that Mr. Jaggi’s brother Anmol Jaggi is in Dubai and has not yet returned to India.
The ED investigation began on the basis of a report by Capital Markets Regulator SEBI, with alleged fund diversion, transfer of money to shell firms, share price manipulation, and individual expenses from loan funds.
Sources said that the ED could initiate a new investigation for the alleged money laundering.
Sources said that the ED has detected the wives of the Jaggi brothers in Pune, and they are likely to be questioned.
