IREDA declares Gensol Engineering and Gensol EV Lease as fraud borrowers
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
IREDA has declared Gensol Engineering Limited and its subsidiary Gensol EV Lease Limited as fraud accounts and reported the matter to RBI under RBI Master Direction on Fraud Risk Management. Combined outstanding is about Rs 672.74 crore (Rs 453.77 cr from Gensol Engineering, Rs 218.97 cr from Gensol EV Lease). The alleged fraud involves misappropriation, criminal breach of trust, and forgery. IREDA holds 85% provision on these accounts as on 31 March 2026.
IREDA has already set aside 85% provisioning, limiting direct financial hit. Negative for Gensol Engineering and its subsidiary; credit availability likely affected.