Enforcement Directorate (ED) has sought a Look-Out Circular (LOC) against Anmol Jaggi, the promoter of Gensol Engineering Ltd., as part of its investigation into alleged illegal foreign exchange transactions worth Rs 200-300 crore.
According to officials, Anmol Jaggi is currently in Dubai. The ED suspects that large sums of money, possibly obtained through term loans, were sent abroad without proper authorization. These remittances may have violated India’s foreign exchange rules.
The agency has already questioned Puneet Jaggi, the co-promoter of Gensol Engineering, for nearly seven hours. Investigators believe that a part of the loan funds meant for business use in India might have been routed to foreign accounts.
The ED is continuing its probe to determine the exact route of the transactions and whether the funds were used to bypass Indian regulations.
More details are awaited as the investigation progresses.
