The Directorate of Enforcement (ED) has issued a Provisional Attachment Order (PAO) under the Prevention of Money Laundering Act (PMLA), 2002 in the case involving the Gensol Group, attaching assets worth ₹54.85 crore.
The attached assets include a luxury residential apartment at DLF Camellias, Gurugram, valued at ₹40.57 crore, and bank balances of ₹14.28 crore held across various Gensol group companies.
Details of the Attached Assets
According to the ED:
- Apartment No. CM 706-A, DLF Camellias, Gurugram, registered in the name of M/s Capbridge Ventures LLP (a Gensol Group company), has been provisionally attached
- Bank balances totaling ₹14.28 crore lying in accounts of multiple Gensol group and benami-linked companies have also been attached
These assets have been identified as proceeds of crime under the PMLA.
Background of the ED Investigation
The ED initiated the investigation based on two FIRs registered by the Economic Offences Wing (EOW), Delhi Police, against:
- Gensol Engineering Limited (GEL)
- BluSmart Fleet Private Limited (BFPL)
- Go Auto Private Limited (GAPL)
- Anmol Singh Jaggi and Punit Singh Jaggi (Promoters of Gensol and BluSmart Group)
- Ajay Agarwal (Promoter of Go Auto Pvt Ltd)
- Other associated individuals
The case relates to alleged offences involving diversion and laundering of public funds.
Alleged Diversion of Loan Funds
The PMLA investigation revealed that Gensol Engineering Ltd and its group entity BluSmart Fleet Pvt Ltd, in collusion with Go Auto Pvt Ltd, allegedly entered into a criminal conspiracy to divert loan funds. These loans were sanctioned by:
- Indian Renewable Energy Development Agency (IREDA)
- Power Finance Corporation (PFC)
- Toyota Financial Services India Ltd (NBFC)
The funds were sanctioned for expansion of electric vehicle fleets, but were allegedly diverted through layered transactions via Go Auto Pvt Ltd and multiple group companies for other business activities and personal enrichment of promoters.
Financial Impact and Outstanding Loan Amount
As per the ED:
- Diversion of funds resulted in loan accounts turning into Non-Performing Assets (NPAs)
- This caused losses to government PSUs IREDA and PFC, as well as Toyota Financial Services India Ltd
- The total outstanding loan amount of Gensol Engineering Ltd from IREDA and PFC stood at ₹505.27 crore as of December 2025.
Luxury Property Linked to Alleged Proceeds of Crime
The ED investigation further revealed that Anmol Singh Jaggi, with the alleged assistance of co-conspirator Ajay Agarwal, diverted part of the loan funds to acquire a luxury residential property at DLF Camellias, Gurugram.
This property has been provisionally attached as proceeds of crime under the PMLA. Additionally, bank accounts linked to benami entities opened in the names of Gensol group employees have also been attached following ED searches.
Current Status of the Case
- A Provisional Attachment Order has been issued by ED
- Assets worth ₹54.85 crore have been attached
- Further investigation is ongoing
The case highlights ED’s focus on alleged misuse of public and institutional lending in the electric mobility sector.
Source: ED Press Release dated 19/01/2026