CBI Books Gensol, BluSmart Founders for ₹672 Cr Fund Diversion

India’s Central Bureau of Investigation (CBI) has launched a case against Gensol Engineering Ltd and the founders of BluSmart EV taxi service, Anmol Singh Jaggi and Puneet Singh Jaggi, over an alleged loss exceeding **₹672 crore**.

The action follows a complaint from the Indian Renewable Development Agency (IREDA), which claims funds meant for Electric Vehicle procurement were misappropriated and diverted.

Allegations of Fund Diversion

• The complaint from IREDA details a financial loss to the agency exceeding **₹672 crore**.
• This includes **₹453.77 crore** from Gensol Engineering Limited.
• An additional **₹218.97 crore** was lost from Gensol EV Lease Limited, excluding interest and other charges.

The funds were originally sanctioned as loans to Gensol Engineering Limited and its subsidiary, Gensol EV Lease Limited. Their explicit purpose was the acquisition of Electric Vehicles to support the BluSmart EV ride-hailing service.

Forensic Audit Uncovers Irregularities

• IREDA alleges that **forged letters**, supposedly from IREDA officials regarding loan status and rating withdrawals, were submitted to credit rating agencies.
• A forensic audit further revealed that disbursed funds were transferred to **related entities**.
• These transfers were reportedly for loans, advances, or repayments, deviating from the intended use of the sanctioned funds.

The CBI has registered the case under various sections of the Bharatiya Nyaya Sanhita. These include criminal conspiracy, cheating, forgery for the purpose of cheating, and using a forged document or electronic record as genuine.

Neither the accused companies nor the individuals, Anmol Singh Jaggi and Puneet Singh Jaggi, have provided an immediate response regarding the serious allegations.