New Delhi: The Enforcement Directorate (ED) on Monday provisionally attached two luxury apartments in Gurugram worth nearly Rs 73 crore in connection with two money-laundering cases allegedly involving
Gensol Engineering Limited, the BluSmart group, their promoters and associated entities.
In the first case, the ED attached a high-end apartment in Gurugram, Haryana, valued at Rs 40.57 crore and registered in the name of Capbridge Ventures LLP, a Gensol Group company. The agency has also attached bank balances amounting to Rs 14.28 crore belonging to various related entities.
Details Of The Probe
The probe is based on two First Information Reports registered by the Delhi Police Economic Offences Wing against Gensol Engineering Limited (GEL), BluSmart Fleet Private Limited (BFPL), Go Auto Private Limited (GAPL), Gensol and BluSmart promoters Anmol Singh Jaggi and Punit Singh Jaggi, Go Auto promoter Ajay Agarwal, and others.
According to the ED, GEL and its group entity BFPL allegedly entered into a criminal conspiracy with GAPL to divert public funds that had been disbursed as loans by public sector lenders Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), as well as non-banking financial company Toyota Financial Services India Limited. The loans were purportedly taken to expand the companies’ electric vehicle fleet.
However, the agency alleged that the loan funds were routed through Go Auto, an authorised dealer of Tata electric vehicles, and then siphoned off through a complex web of layered transactions across multiple group companies. The ED claims the funds were ultimately used for other business activities of the Gensol group and for the personal enrichment of the promoters.
The alleged diversion of funds resulted in Gensol’s loan accounts turning into non-performing assets (NPAs), causing financial losses to IREDA, PFC and Toyota Financial Services India Limited. The total outstanding amount of Gensol Engineering Limited from IREDA and PFC loans stood at Rs 505.27 crore as of December 2025, the agency said. The ED further alleged that Anmol Singh Jaggi, with the assistance of Ajay Agarwal, used part of the diverted funds to acquire the attached Gurugram property.
Another Luxury Apartment Worth ₹32 Cr Attached
In a second, separate case, the ED attached another luxury apartment in Gurugram worth Rs 32.28 crore, registered in the name of Anvi Power Investment Private Limited. The agency alleged that Anmol Singh Jaggi, chairman of the Gensol Group, acquired this property using funds diverted from Matrix Gas and Renewables Limited.
The Central Bureau of Investigation registered a case against Matrix Gas and Renewables Limited and others following a complaint by MECON Limited, which was appointed to implement a Ministry of New and Renewable Energy scheme under the National Green Hydrogen Mission.
While Matrix received an initial government grant of Rs 32.28 crore for a pilot green hydrogen project in the steel sector, the ED alleged that the entire amount was diverted through layered transactions and used for personal enrichment and other group activities, including the purchase of the attached apartment.
