What was filed
Indian Renewable Energy Development Agency Limited (IREDA) told BSE and NSE that two of its borrowers — Gensol Engineering Limited and its subsidiary Gensol EV Lease Limited — have been declared as fraud and reported to the Reserve Bank of India. The declaration was made under the RBI Master Direction – Fraud Risk Management in Non-Banking Financial Companies (NBFCs) Directions, 2024, and disclosed under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements. IREDA notes the step follows its earlier communications on the same borrowers.
The nature of the fraud
The Gensol Engineering account was flagged for misappropriation and criminal breach of trust, and for forgery with the intention to commit fraud by making false documents and/or electronic records. The Gensol EV Lease account was flagged for misappropriation and criminal breach of trust.
Provisioning position
IREDA states it holds a provision against each of the two accounts as on 31 March 2026. Beyond the fraud declaration and the RBI reporting, the filing describes no further recovery steps or timelines — it is a regulatory intimation taking the matter on record.