The headquarter investigation unit (HIU) of the directorate of enforcement (ED) has provisionally attached assets worth ₹54.85 crore in connection with an alleged large-scale diversion of electric vehicle (EV) loan funds by the Gensol group and its associated entities.
In a statement, ED says it has issued a provisional attachment order (PAO) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, attaching a luxury residential apartment at DLF Camellias in Gurugram, Haryana, along with bank balances held by various group companies.
The attached immovable property, apartment noCM 706-A at DLF Camellias, is registered in the name of Capbridge Ventures LLP, a Gensol group company, and is valued at ₹40.57 crore. In addition, bank balances totalling ₹14.28 crore lying in multiple Gensol group companies have also been attached.
The money laundering investigation was initiated on the basis of two first information reports (FIRs) registered by economic offences wing (EOW) of Delhi police at Mandir Marg police station. The FIRs name Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd and several individuals including Anmol Singh Jaggi and Punit Singh Jaggi, promoters of the Gensol and BluSmart groups, Ajay Agarwal, promoter of Go Auto Pvt Ltd and others.
According to ED, its investigation under PMLA revealed that Gensol Engineering and its group entity BluSmart Fleet entered into a criminal conspiracy with Go Auto to systematically divert public funds raised as loans from government-backed lenders and private financial institutions.
ED says the loans were sanctioned by public sector entities, Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), as well as by NBFC Toyota Financial Services India Ltd, ostensibly for expanding the group’s EV fleet.
However, instead of being used for the stated purpose, the loan funds were allegedly routed through Go Auto, an authorised dealer of Tata electric vehicles and, subsequently, layered through a complex web of transactions across multiple group companies.
“These funds were ultimately used for other business activities of the Gensol Group and for the personal enrichment of promoters,” ED says.
The agency added that the alleged diversion of loan funds resulted in the accounts of Gensol Engineering turning into non-performing assets (NPAs), causing losses to government-owned PSUs IREDA and PFC, as well as to Toyota Financial Services.
As of December 2025, the total outstanding loan amount of Gensol Engineering to IREDA and PFC stood at ₹505.27 crore, according to the ED.
ED further claimed that its investigation established that Anmol Singh Jaggi, with the help of co-conspirator Ajay Agarwal, diverted part of the loan proceeds to acquire the high-end residential apartment at DLF Camellias in Gurugram.
“The said property has been identified as proceeds of crime and has been provisionally attached under PMLA, 2002,” the agency says.
In addition to the Gurugram flat, ED has also attached bank balances found in accounts of various Gensol group companies and alleged benami entities. These accounts, the agency says, were opened in the names of employees of the Gensol group and were traced during searches conducted as part of the ongoing probe.
The investigation in the case is continuing.
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