PFC filed a complaint against EOW against Gensol Engineering for counterfeiting documents
NEW DELHI: State-owned Power Finance Company Limited (PFC) said on Tuesday night that it had filed a complaint with the Ministry of Economic Crime (EOW) of Delhi Police, allegedly filed forged documents allegedly by Gensol Engineering Ltd.
Mint The PFC may also be close to the Office of Serious Fraud Investigation and EOW as it explores all options for recovering loans to Gensol Engineering Pvt, reported Tuesday morning. Limited company, including relocation company court.
The power-focused lender said in a statement that it is actively taking further action. It added that in addition to filing a complaint with EOW, the PFC also investigated the matter under its anti-fraud policy.
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“About the credit rating agency nursing and ICRA’s communications about forged documents, the PFC clarified that it did not send out the letters they mentioned,” the statement said. “The PFC is committed to safeguarding its interests and ensuring the recovery of its loans while maintaining transparency in its operations.”
For context, Gensol allegedly forged letters from PFC and IREDA to show that it is debt to lenders, which was proposed by the ICRA rating agency in a statement. Another rating agency care is also mentioned in its communication disclosure, such as the lender’s no objection certificate.
The PFC statement further points out that the reduction of carbon intensity in accordance with the Paris Agreement’s commitments and the adoption of PFC through programs such as Fame and PM E-Bus Seva, ₹In January 2023, Gensol Engineering Ltd. Rs 633 crore.
This fund is specifically used to purchase 6,000 ev – ₹Rs 58.7 crore for purchase of 5,000 electric quad bikes for rides at Blusmart Mobility and ₹Rs 46 crore, for procurement of 1,000 electric tricycles for cargo operations. However, it added that the tricycle loan was not used.
come out ₹PFC paid only Rs 587 crore in loans. ₹3.52 million rented 3,000 ev to Gensol for Blusmart mobility. Until now, the lender said that the PFC appointed third-party agency confirmed that 2,741 vehicles had been delivered and assumed to the PFC.
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Another lender
To be sure, the PFC disclosure says it has the assumption of over 90% of electric vehicles, and it lends Gensol more money to Gensol to another troubled company (Indian Reenwable Energy Energy Development Agency Ltd (IREDA) to ask more questions.
According to a temporary order from the Securities and Exchange Commission of India’s Market Regulation (SEBI), Gensol borrowed money to buy 6,400 cars from PFC and IREDA. The PFC claims it funded only 3,000 cars, which means Ireda borrowed money to buy the remaining 3,400 cars.
However, Gensol has only 4,704 cars to borrow. 2,741 of these vehicles are assumed using the PFC assumption, and under the IREDA assumption, it could leave up to 1,963 cars. In other words, according to the disclosures of SEBI and PFC, IREDA could be shorter by 1,437 cars.
The query sent to IREDA on Tuesday evening did not respond. The company did not respond Mint’Questions about the topic sent Friday.
Meanwhile, the PFC statement added that the company promised to Gensol’s stock and non-transferable bonds, which were corporate guarantees of Gensol Ventures Pvt. Limited and personal guarantee sponsor.
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“Liquid assets in the form of Tra balance, DSRA balance and blusmart’s regular fixed status are also marked as PFC as lien.” TRA refers to trust and retained accounts, and DSRA refers to debt reserve accounts.
The company added that repayments of the payment amount have begun ₹450 million, leaving one principal ₹As of April 18, 3.07 million.
“Until January 31, 2025, Gensol regularly served its membership fees. In the fourth quarter, the PFC cited the debt reserve account for February and March 2025 debt reserve accounts,” the statement said.
PFC stocks on BSE close ₹438 Tuesday, 0.44% higher than the previous closing price. IREDA shares closed at 1.65% ₹178.60.
