In a significant move, the ED has provisionally attached a luxury apartment within DLF The Camellias in Gurugram, as well as several bank accounts, amid a probe into the Gensol Group. This action follows allegations of misappropriated funds originally intended for an electric vehicle fleet. Here's what you need to know about the ongoing investigation and its implications.
Assets Frozen, Probe Launched
The Enforcement Directorate (ED) has taken decisive action against the Gensol Group, attaching a luxury apartment in DLF The Camellias, Gurugram. This property, registered under M/s Capbridge Ventures LLP, a Gensol Group entity, has been valued at Rs 40.57 crore. Alongside the immovable property, the ED has also seized bank balances amounting to Rs 14.28 crore from various Gensol Group entities. These actions are part of a broader investigation into alleged financial wrongdoing. The probe initiated from two FIRs by the Economic Offences Wing (EOW). The FIRs named Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, promoters Anmol Singh Jaggi and Punit Singh Jaggi, Ajay Agarwal of Go Auto Pvt Ltd, and other associated individuals. The ED claims that funds obtained as loans from government-backed lenders and NBFCs, were diverted for other business activities of the Gensol Group and the personal enrichment of the promoters. Anmol Singh Jaggi, with the help of Ajay Agarwal, allegedly used part of the diverted loan funds to acquire the luxury residential property at DLF The Camellias. The apartment has been provisionally attached as proceeds of crime under the PMLA.
Loan Diversion Allegations
The ED's investigation focuses on the alleged diversion of public funds, obtained as loans from government-backed lenders and NBFCs, by Gensol Engineering Ltd (GEL) and its group entity BluSmart Fleet Pvt Ltd. These loans, sanctioned by public sector undertakings like IREDA and PFC, and by Toyota Financial Services India Ltd, were supposedly intended for expanding an electric vehicle fleet. Instead, the ED alleges, the funds were rerouted through Go Auto Pvt Ltd, an authorized dealer of Tata electric vehicles, and then layered through a network of group companies. The investigation revealed that the funds were diverted for other business activities of the Gensol Group and for the personal enrichment of the promoters. This alleged diversion resulted in the loan accounts of Gensol Engineering Ltd turning non-performing assets, causing substantial losses to IREDA, PFC and Toyota Financial Services India Ltd. As of December 2025, the total outstanding loan amount of Gensol Engineering Ltd to IREDA and PFC stood at Rs 505.27 crore.
Criminal Conspiracy Uncovered
The ED's findings suggest a criminal conspiracy involving Gensol Engineering Ltd (GEL), BluSmart Fleet Pvt Ltd, and Go Auto Pvt Ltd. The alleged scheme involved diverting funds obtained as loans from government-backed lenders and NBFCs. The money laundering probe was initiated on the basis of two FIRs registered by the Economic Offences Wing (EOW). The FIRs named M/s Gensol Engineering Ltd, M/s BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, promoters Anmol Singh Jaggi and Punit Singh Jaggi, Ajay Agarwal of Go Auto Pvt Ltd, and other associated individuals. Furthermore, the agency has revealed that part of the diverted loan funds were utilized to acquire the luxury residential property in DLF The Camellias. The property has been provisionally attached as proceeds of crime under the PMLA. The ED's investigation also extended to bank balances in accounts of various Gensol Group companies and alleged benami entities, including accounts opened in the names of group employees identified during searches. The ongoing investigation signifies a wider effort to combat financial irregularities.
