In a move that’s stirred the financial world, SEBI has dropped a bombshell. On April 15, 2025, Ashwani Bhatia, SEBI’s whole-time member, issued an interim order revealing a massive money trail tied to Gensol Engineering Ltd. The report highlights how a whopping ₹424.14 crore was moved from Gensol to an entity named Wellray during FY23 and FY24. But what happened to that money afterward is even more shocking.
Out of that total, ₹382.84 crore was transferred to various entities, with ₹246.07 crore allegedly sent to related or connected parties. Even more concerning? Nearly ₹26 crore reportedly went directly to Gensol promoter Anmol Singh Jaggi and his family, including personal transfers to his wife. And to top it off, ₹50 lakh was used to buy shares in Third Unicorn Pvt. Ltd., a startup co-founded by none other than Ashneer Grover. The financial world is watching closely as the investigation unfolds.
Gensol Transfers ₹424 Crore to Wellray—But Why?
As per SEBI’s findings, Wellray, a company linked to Gensol, received ₹424.14 crore between 2022–2024. This wasn’t an isolated transaction—it was spread across two financial years. What’s interesting is that Wellray didn’t keep the money. Instead, most of it—₹382.84 crore—was redirected to other entities. This raised immediate concerns about possible misuse of company funds and lack of transparency
A Web of Related Party Transactions Worth ₹246 Crore
From the ₹382.84 crore that Wellray distributed, ₹246.07 crore allegedly went to entities that are either directly or indirectly related to Gensol. These transactions weren’t properly disclosed, which violates regulatory norms. This pattern indicates a deliberate attempt to channel company funds through backdoor routes. SEBI suspects this could be a case of serious corporate misgovernance.
Personal Gains? ₹25.76 Crore Routed to Jaggi and Family
The order becomes even more serious when it uncovers that ₹25.76 crore was routed directly to Anmol Singh Jaggi and members of his family. One particular transfer of ₹2.98 crore was made to Mugdha Kaur Jaggi, mentioned in the order as Jaggi’s wife. Interestingly, a person with the same name is listed as a 2009 batch Indian Defence Accounts Service officer, currently serving at the Director level in the central government. This overlap has added another layer of intrigue to the case.
The NGO Angle: A Non-Profit’s Name Comes Up
SEBI’s report also notes that Mugdha Kaur Jaggi’s name appears in events hosted by Param Sewa Foundation, a non-profit organization linked to the Gensol group. While non-profits often support social causes, their association with corporate funds and family members of promoters can sometimes hint at misuse of charitable structures for personal gain or image-building.
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₹50 Lakh Investment in Ashneer Grover’s Third Unicorn
Perhaps the most attention-grabbing detail from the report is the ₹50 lakh investment made by Anmol Singh Jaggi in Third Unicorn Pvt. Ltd. This startup is co-founded by Ashneer Grover, known for his role in BharatPe and his dramatic fallout from it. SEBI’s documents confirm that Jaggi bought 2,000 shares in the company and was still listed as a shareholder as of March 31, 2024. This connection is likely to raise eyebrows, especially considering the ongoing scrutiny of startup founders in India.
What This Means for Gensol and Corporate Governance
SEBI’s interim order doesn’t just point fingers—it signals a growing intolerance for corporate misconduct. The allegations of fund diversion, personal enrichment, and lack of financial disclosure could trigger deeper investigations. If proven, consequences could include penalties, legal action, and even disqualification of directors involved. It also reinforces the need for tighter regulations and more transparent financial practices in both traditional companies and the startup world.
What Happens Next?
With these serious allegations, SEBI may soon issue further directives or take penal action. The case is expected to deepen as forensic audits and questioning of involved parties continue. If proven, this could lead to disqualification of directors and possibly a criminal probe.
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