NEW DELHI: The Central Bureau of Investigation (CBI) has booked Anmol Singh Jaggi and his brother Puneet Singh Jaggi, co-founders of Gensol Engineering Ltd, along with the company and its electric-vehicle leasing arm Gensol EV Ltd in fraud case on Wednesday, the agency said.
The accused firms were closely linked to BluSmart Mobility, the electric-vehicle ride-hailing app that abruptly shut down earlier this year.
The agency filed the FIR based on recommendation based on the Indian Renewable Energy Development Agency (IREDA), a state-run lender that had extended loans to Gensol for purchasing electric vehicles meant to be leased to BluSmart, as well as for executing solar power construction projects.
According to the FIR, IREDA alleged that loan funds intended for purchasing electric vehicles and executing solar-energy projects were diverted to group companies, related parties and other entities. The agency’s complaint cited forensic-audit findings indicating probable diversion or misutilisation of about Rs 225.89 crore at Gensol Engineering and Rs 64.87 crore at Gensol EV Lease.
The complaint also alleged that forged letters, purportedly issued by IREDA, were submitted to credit-rating agencies. The documents allegedly stated that the borrowers had no overdue amounts or repayment delays, despite the accounts having been classified as stressed.
IREDA said it had recalled the loans, invoked available securities and recovered Rs 106.71 crore. It also reported principal outstanding of Rs 453.77 crore from Gensol Engineering and Rs 218.97 crore from Gensol EV Lease as of June 30, 2026.
The CBI has assigned the investigation to a deputy superintendent of police in its Anti-Corruption Branch in New Delhi. The allegations have not been tested in court.