4 months ago
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The Enforcement Directorate (ED) has provisionally attached 2 luxury Gurugram apartments worthy adjacent to ₹73 crore successful transportation with 2 cases allegedly involving Gensol and BluSmart group, its promoters and others, said the bureau connected Monday.
In the archetypal case, the bureau has attached a Gurugram flat successful Haryana registered successful the sanction of Capbridge Ventures LLP (Gensol Group company) valued astatine ₹40.57 crore and ₹14.28 crore successful slope balances of assorted entities.
The ED probe is based connected 2 First Information Reports registered by the Delhi Police Economic Offences Wing against Gensol Engineering Limited, BluSmart Fleet Private Limited (BFPL), Go Auto Private Limited (GAPL), Anmol Singh Jaggi and Punit Singh Jaggi (promoters of Gensol and BluSmart group), Ajay Agarwal (promoter of Go Auto) and others, the bureau said.
As alleged, Gensol Engineering Limited (GEL) and its associated radical entity BFPL collaborated with GAPL successful an alleged transgression conspiracy to systematically divert nationalist funds disbursed arsenic loans from nationalist lenders, Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), and non-banking fiscal institution (NBFC) Toyota Financial Services India Limited. This was done “under the guise of expanding their electrical conveyance fleet”.
The companies “actually funnelled the indebtedness funds done Go Auto (the authorised car trader of Tata EV vehicles) and moved the aforesaid done a bid of layered transactions crossed a web of radical companies for the different concern activities of Gensol radical and promoters’ idiosyncratic enrichment”, alleged the agency.
“This diversion of indebtedness funds has led to the accounts of Gensol becoming NPAs (non-performing assets) and causing a nonaccomplishment to the authorities nationalist assemblage undertakings IREDA and PFC and to the NBFC Toyota Financial Services India Limited. The full magnitude of outstanding of Gensol Engineering Limited retired of the IREDA and PFC loans successful December 2025 is ₹505.27 crore,” it is alleged.
According to the agency, Mr. Anmol Singh Jaggi — with the assistance of Mr. Agarwal — diverted the indebtedness funds to the luxury residential spot successful Gurugram.
In the 2nd case, the ED has attached different flat worthy ₹32.28 crore, registered successful the sanction of Anvi Power Investment Private Limited. It alleged that Mr. Anmol, president of Gensol Group, acquired the spot utilizing the funds diverted from the radical company, Matrix Gas and Renewables Limited.
The Central Bureau of Investigation has registered a lawsuit against Matrix Gas and Renewable constricted (Matrix) and others, pursuing a ailment lodged by MECON Limited, which has been appointed arsenic the bureau to instrumentality a strategy of the Ministry of New and Renewable Energy. Based connected the same, the ED is conducting probe nether the Prevention of Money Laundering Act.
The ED said the Ministry had allocated funds for aviator projects successful the alloy assemblage to promote usage of greenish hydrogen for robust and alloy making process, done Ministry of Steel nether the National Green Hydrogen Mission. Matrix Gas and Renewables Limited emerged arsenic the palmy bidder and initially 20% of the approved authorities assistance amounting to ₹32.28 crore was disbursed to it.
However, the bureau alleged, the institution diverted the full magnitude done a bid of layered transactions crossed a web of firm entities nether the power of Mr. Anmol and it was utilized for the “personal enrichment of the promoters and for different activities of Gensol group”. The flat successful question was besides bought utilizing the funds, the ED alleged.
