Money Laundering
Probe body attaches INR 143 mln, DLF Camellias apartment in Gensol group case
This story was originally published at 18:26 IST on 19 January 2026
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NEW DELHI – The Enforcement Directorate has attached bank balances amounting to INR 142.80 million held in accounts of Gensol Engineering Ltd., BluSmart Mobility, and other related companies, and a luxury flat owned by Gensol Group promoter Anmol Singh Jaggi at DLF Camellias in Gurugram, the probe body said Monday. The action was taken under the Prevention of Money Laundering Act, 2002.
An investigation revealed that the accused entities collaborated with Go Auto Pvt. Ltd. in a criminal conspiracy to systematically divert public funds disbursed as loans from Indian Renewable Energy Development Agency Ltd., PFC Ltd., and Toyota Financial Services India Ltd. under the guise of expanding their electric vehicle fleet, the Enforcement Directorate said in a release. The outstanding amount on Gensol Engineering's loans from IREDA and PFC was INR 5.05 billion as at end of December, the agency said.
The scam had come to light in May when the Securities and Exchange Board of India said it prima facie found that a loan of INR 967 million from PFC taken by Gensol Engineering "was diverted to promoter and promoter-linked entities, bypassing the stated end-use of the PFC loan". The regulator also found that INR 375 million out of a total loan of INR 1.71 billion taken by Gensol EV Lease from IREDA was transferred to Anmol Jaggi, one of the promoters.
"This aspect needs further examination," SEBI had said in its interim order against Gensol and its two promoter-directors. The regulator also barred them from any securities market-related activity and from holding the post of director or any key managerial position in the company till further orders.
Meanwhile, IREDA filed an insolvency petition in the National Company Law Tribunal against Gensol Engineering's arm Gensol EV Lease Ltd., for outstanding dues of INR 2.19 billion. IREDA had claimed outstanding dues of INR 5.10 billion.
Shares of Gensol Engineering Monday ended 4.5% lower at INR 21.28 on the National Stock Exchange. End
Reported by Krity Ambey
Edited by Ashish Shirke
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