Gensol Says Promoter Jaggi Brothers Have No Link To Mahadev App Case Under ED Probe
Gensol denied a news report that said the Jaggi brothers are likely to be summoned by the ED in connection with the Mahadev case.
Gensol Engineering Ltd. said on Wednesday that the company and promoters Anmol Singh Jaggi and Puneet Singh Jaggi had no association with the Mahadev betting app case, which is under the Enforcement Directorate's probe.
The company has not received any communication or notice from the ED with respect to appearance regarding Mahadev book app case pursuant to fresh probe conducted on April 16, according to a statement filed with the stock exchanges.
Gensol denied a news report that said the Jaggi brothers were likely to be summoned by the ED in connection with the Mahadev case, calling it "factually incorrect, speculative, and misleading".
"We reiterate that the promoters of Gensol Engineering Limited have no association with the Mahadev Book app case or the alleged financial transactions cited therein," the statement said.
Moreover, the company said it reserves the right to pursue legal remedies against "the dissemination of false or misleading information that affects its market standing".
The ED on Monday said it seized securities, bonds and demat accounts worth Rs 573 crore after it conducted a fresh round of searches in the Mahadev online betting app-linked money laundering case last week.
The federal probe agency said it found that the "proceeds of crime" generated by the betting platform and its linked syndicates were moved out of the country and later invested in the Indian stock markets in the name of foreign portfolio investments.
The Mahadev Online Betting gaming and betting app is an umbrella syndicate arranging online platforms for enabling illegal betting websites to enrol new users, create user IDs and launder money through a layered web of benami bank accounts, according to ED.
Gensol has come under the regulatory scanner for alleged fund diversions and governance lapses, with regulator SEBI barring the Jaggi brothers from the securities market for various violations and prohibited them from holding any key managerial positions within the company, effectively removing them from their leadership roles.
(With PTI inputs)
