The CBI has registered a case against Gensol Engineering, its subsidiary Gensol EV Lease, and BluSmart EV taxi service founders Anmol Singh Jaggi and Puneet Singh Jaggi over an alleged loss of more than Rs 672 crore to the Indian Renewable Development Agency (IREDA), officials said on Wednesday.
The agency acted on a complaint from IREDA, which alleged that it had extended loans to Gensol Engineering Ltd and Gensol EV Lease Ltd to procure electric vehicles for the BluSmart EV ride-hailing service. According to the FIR, the funds were allegedly misappropriated and diverted for purposes other than those for which they were sanctioned.
Officials said the alleged loss was Rs 453.77 crore in the case of Gensol Engineering Ltd and Rs 218.97 crore in the case of Gensol EV Lease Ltd, excluding interest and other applicable charges. No immediate reaction was available from the companies or the other accused persons.
Based on the complaint, the CBI registered the case under Bharatiya Nyaya Sanhita provisions related to criminal conspiracy, cheating, forgery for the purpose of cheating, and using a forged document or electronic record as genuine.
In its complaint, IREDA alleged, “It was learnt by IRI-IDA that the Borrower company had submitted forged letters to the Credit Rating Agencies, purportedly issued by IREDA, concerning the status of the loans and the withdrawal of ratings. These letters were not issued by the officials of IREDA and were found to be forged.”
IREDA also told the CBI that 15 banks and financial institutions, including Power Finance Corporation Ltd, Canara Bank, IDFC Bank and ICICI Bank, had also granted loans to Gensol Engineering Ltd.
The complaint further alleged that a forensic audit showed funds were transferred to related entities as loans, advances, or repayment of earlier loans or advances, which was not the intended use of the disbursements availed by the company.
In sum, the case registered by the CBI centres on IREDA’s allegations that loans meant for electric vehicles for BluSmart were diverted, forged letters were submitted to credit rating agencies, and the transactions caused losses of over Rs 672 crore.
– Ends
Published By:
India Today Web Desk
Published On:
Aug 20, 2026 09:52 IST
