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Jaggi mantra: Take institutional loans...
Financial Express Lucknow
|April 17, 2025
Sebi also uncovered evidence of market manipulation.
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Wellray conducted 99% of its trading activity in Gensol shares, buying and selling over ₹338 crore worth of stock between November 2022 and November 2024 - trading funded by Gensol itself.
Even the company's capital raising wasn't immune from manipulation. Sebi found that Gensol had funded its own promoters' participation in a September 2022 preferential allotment, with ₹10 crore flowing through Wellray to the Jaggi brothers before returning to Gensol disguised as promoter investment.
The investigations began after Sebi received a complaint in June 2024 regarding share price manipulation and fund diversion. During its investigation, Sebi discovered the company had submitted forged letters from IREDA and PFC falsely claiming regular debt servicing. Both lenders categorically denied issuing such letters, as per the interim order.
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