The Enforcement Directorate (ED) has issued a lookout circular against Gensol Engineering Limited co-founders Punit and Anmol Jaggi in a foreign exchange violation case. They are accused of embezzling ? 262 crore. Earlier, the ED raided the company’s premises in Delhi, Gurugram and Ahmedabad on Thursday (April 24) night. During this, co-founder Punit Singh Jaggi was detained from a hotel in Delhi and questioned for 7 hours. The ED took this action under the provisions of the Foreign Exchange Management Act (FEMA) after the action of the Securities Exchange Board of India (SEBI). SEBI had claimed that the Jaggi brothers misused the loan to buy electric vehicles. A lookout circular is a legal tool used by law enforcement authorities to prevent anyone from leaving the country or to track their activities. It alerts immigration officials so that they can keep an eye on the person and take him into custody. Know the whole case in three chapters… Chapter-1: Crisis Chapter-2: Fraud Chapter-3: Beginning Gensol operates in three segments:
