Indian Renewable Energy Agency Declares Fraud Against Gensol Entities Amid Misappropriation Concerns
Indian Renewable Energy Development Agency Limited (IREDA) has declared that two borrowers, M/s Gensol Engineering Limited and its subsidiary M/s Gensol EV Lease Limited, have committed fraud. The declaration stems from ongoing assessments of the accounts held by the companies.The agency reports that the accounts related to both entities have been classified as fraudulent and details have been recorded concerning the nature of the fraud involving misappropriation and criminal breach of trust.
For M/s Gensol Engineering Limited, the nature of the fraud includes Misappropriation and Criminal Breach of Trust, along with Forgery executed with the intention to commit fraud by creating false documents and/or electronic records.
M/s Gensol EV Lease Limited has been flagged for Misappropriation and Criminal Breach of Trust.
The financial standing of both entities under this declaration is detailed in the following table:
| Account/Borrower Name | Nature of Fraud | Amount Outstanding (Rs. in Crore) | Provision Held (as on 31.03.2026) |
|---|---|---|---|
| M/s Gensol Engineering Limited | Misappropriation and Criminal Breach of Trust; Forgery | 453.77 | 85% |
| M/s Gensol EV Lease Limited | Misappropriation and Criminal Breach of Trust | 218.97 | 85% |
IREDA Stock Price Movement
On Friday, shares of Indian Renewable Energy Development Agency Limited rallied to settle at ₹126.4, rising 3.85% from its previous close. The stock saw robust trading activity throughout the session, with over 6.79 million shares changing hands on the day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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