CBI registers case against BluSmart's founders Anmol Singh Jaggi and Puneet Singh Jaggi

New Delhi, The CBI has registered a case against Gensol Engineering Ltd and the founders of BluSmart EV taxi service, Anmol Singh Jaggi and Puneet Singh Jaggi, over causing alleged loss of over Rs 672 crore to IREDA, officials said Wednesday.

The action comes on a complaint filed by The Indian Renewable Development Agency (IREDA), which had alleged that it extended loans to Gensol Engineering Limited and its subsidiary, Gensol EV Lease Limited, for procuring Electric Vehicles for the BluSmart EV ride-hailing service, the FIR said.

No immediate reaction was available from the companies or other accused persons.


It alleged that funds were misappropriated and diverted for purposes other than those they were sanctioned for, resulting in a loss of Rs 453.77 crore on account of Gensol Engineering Limited and Rs 218.97 crore on account of Gensol EV Lease Limited, excluding interest and other applicable charges.

Based on the complaint, the CBI registered a case against Gensol Engineering and its subsidiary and BluSmart EV founders under Bharatiya Nyaya Sanhita sections related to criminal conspiracy, cheating, forgery for the purpose of cheating and using a forged document or electronic record as genuine.

"It was learnt by IRI-IDA that the Borrower company had submitted forged letters to the Credit Rating Agencies, purportedly issued by IREDA, concerning the status of the loans and the withdrawal of ratings. These letters were not issued by the officials of IREDA and were found to be forged," the agency alleged.

The IREDA, in its complaint to the CBI, has alleged that 15 banks and financial institutions, including Power Finance Corporation Ltd, Canara Bank, IDFC Bank and ICICI Bank, had also granted loans to Gensol Engineering Limited (GEL).

The forensic audit also showed that funds were transferred to related entities in the form of loans/advances or repayments for loan/advances received earlier, which was not the intended use of disbursements availed by GEL, it alleged.