Gensol: A fraud in plain sight

Misuse of related parties to divert funds is not new to India Inc. and is in fact, a well-trodden and time-tested method to commit fraud. Gensol has diligently recorded transfers to related parties as evidenced by SEBI’s review of the bank statements of the company.

In essence, the fraud was hidden in plain sight and this begs the question, where were the Board of Directors and the auditors?.