IREDA declares Gensol Engineering and Gensol EV Lease accounts as fraud
IREDA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
IREDA has declared the loan accounts of Gensol Engineering Limited and its subsidiary Gensol EV Lease Limited as fraud and reported the matter to RBI under NBFC fraud risk management rules. Total outstanding is about 672.74 crore (453.77 crore from Gensol Engineering and 218.97 crore from Gensol EV Lease). Allegations include misappropriation, criminal breach of trust, and forgery using false documents. IREDA already holds 85 percent provision on both accounts as on 31 March 2026.
Confirms large exposure to a declared fraud; 85 percent provision already held limits further hit. Negative sentiment likely due to Gensol association.