ED attaches assets worth Rs 54 crore of firms linked to BluSmart Fleet

New Delhi, Jan 19 (LatestNewsX) An apartment in Gurugram and bank balances, both worth Rs 54 crore, were attached by the ED in a matter related to misuse of loans of over Rs 500 crore by companies associated with failed e-ride hailing service BluSmart Fleet, an official said on Monday.

The Enforcement Directorate (ED), Headquarters Investigation Unit (HIU), New Delhi, has issued a Provisional Attachment Order (PAO) in the case of Gensol Group under the provisions of the PMLA, 2002.

The federal probe agency attached Apartment No. CM 706-A, DLF Camellias, Gurugram, Haryana, registered in the name of Capbridge Ventures LLP (Gensol Group company), worth Rs 40.57 crore and bank balances totalling Rs 14.28 crore lying in various Gensol group companies, said a statement.

The ED initiated the investigation based on the two FIRs registered by EOW, Delhi Police, Mandir Marg, New Delhi, against Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, Anmol Singh Jaggi and Punit Singh Jaggi (Promoters of Gensol and BluSmart group), Ajay Agarwal (Promoter of Go Auto Pvt Ltd) and others.

The PMLA investigation revealed that the accused entity, Gensol Engineering Ltd (GEL) and its associated group entity BluSmart Fleet Pvt Ltd (BFPL) collaborated with Go Auto Pvt Ltd (GAPL) in a criminal conspiracy to systematically divert public funds disbursed as loans from public lenders (IREDA and PFC) and NBFCs (Toyota Financial Services India Ltd) under the guise of expanding their electric vehicle fleet.

The accused companies funnelled these loan funds through Go Auto Pvt Ltd (the authorised car dealer of EV vehicles) and moved the same through a series of layered transactions across a web of group companies for the other business activities of Gensol group and promoters’ personal enrichment, the ED said.

This diversion of loan funds led to the accounts of Gensol becoming non-performing assets, causing a loss to PSUs, including the Indian Renewable Energy Development Agency (IREDA) and PFC, as well as to the NBFC Toyota Financial Services India Limited.

The total outstanding amount of loans of Gensol Engineering Limited out of IREDA and PFC loans till December 2025 was Rs 505.27 crore.

The ED investigation revealed that Anmol Singh Jaggi, with the help of co-conspirator Ajay Agarwal, diverted loan funds to a luxury residential property at DLF, The Camellias, Gurugram.

Hence, the same was provisionally attached by ED under PMLA, 2002, as Proceeds of Crime. The bank balances lying in the accounts of various Gensol group companies and benami companies opened in the names of employees of Gensol group, which have been traced by the ED during searches, have also been attached, said a statement.

rch/uk