New Delhi, 11 June (IANS). The stock of Jansol Engineering Limited (GEL) has fallen by more than 95 percent and this has led to a loss of more than Rs 4,000 crore to investors.
The Jensol Engineering stock closed at the National Stock Exchange (NSE) on Wednesday to close by 2 percent to Rs 51.42. The stock has slipped 95.42 percent from its all-time high.
The market regulatory security and exchange board of India (SEBI) revealed the Fraud of Jansol Engineering for the first time on 15 April.
SEBI had reported that GEL promoters Anmol Singh Jaggi and Puneet Singh Jaggi diverted the loan to buy an electric vehicle (EV) to buy a luxury apartment at DLF’s ‘The Cameleus’ in Grurugram.
According to the regulator, loans taken to purchase electric vehicles for ride—-on service Blussmart were diverted through several institutions and later used for personal benefits.
SEBI investigation revealed that promoter Anmol Singh Jaggi allegedly transferred the company’s fund to family members and used for personal work.
According to the order, Jaggi sent Rs 6.2 crore to his mother and Rs 2.98 crore to his wife.
He also bought luxury items from the company’s money, including Rs 26 lakh on golf set, Rs 17 lakh on shopping in Titan and more than Rs 10 lakh on spa session.
The market regulator found that between 2021 and 2024, Jansol Engineering had taken a loan of Rs 978 crore from two government companies IREDA and PFC.
Last month, Paraminder Chopra, Chairman and Managing Director of the government company PFC, described the loan to Jansol Engineering as a fraud.
“On the basis of preliminary investigation, we have considered it fraud,” he said.
Chopra further said, “I would like to say that this is a promoter-specific event and we do not believe that there is a risk in the sector. The project does not reflect strategies adopted by PFC’s evaluation method or PFC’s risk-reducing strategies.”
-IANS
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