ED attaches ₹87 crore assets of Gensol promoters in ₹500 crore loan fraud case
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The Enforcement Directorate (ED) on Monday provisionally attached luxury properties and bank balances worth ₹87.41 crore belonging to the Gensol Group and its promoters, Anmol Singh Jaggi and Punit Singh Jaggi. The action comes as part of two separate money laundering investigations involving the alleged diversion of public funds and government grants.
The attached assets include two high-end apartments in Gurugram’s most exclusive residential complexes and bank deposits worth ₹14.28 crore held by various Gensol Group companies.
Diversion of EV expansion loans
The first case originates from FIRs filed by the Delhi Police economic offences wing (EOW) against Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, and the Jaggi brothers.
According to the ED, the promoters conspired with Ajay Agarwal of Go Auto Pvt Ltd to siphon off loans sanctioned by government lenders IREDA and PFC, as well as Toyota Financial Services. These funds, meant for the procurement of electric vehicles to expand the BluSmart fleet, were allegedly funnelled through Go Auto (a Tata EV dealer) and a network of shell companies.
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The agency identified a luxury unit at DLF The Camellias, Gurugram, worth ₹40.57 crore, as being acquired using these diverted funds. The ED further alleged that this misconduct led to the Gensol accounts becoming non-performing assets (NPAs), with an outstanding balance of ₹505.27 crore as of December 2025.
Fraudulent use of green hydrogen grants
The second attachment stems from a CBI probe involving Matrix Gas and Renewables Ltd. The company had secured a pilot project under the National Green Hydrogen Mission (NGHM) to implement green hydrogen in steel-making.
The ED alleged that out of an approved government grant of ₹32.28 crore, an initial disbursement was diverted by Anmol Singh Jaggi. Instead of being used for the hydrogen pilot project, the funds were layered through corporate entities to acquire a luxury apartment at DLF The Magnolias, worth ₹32.56 crore.
Operational fallout
The Jaggi brothers, who previously led the popular BluSmart EV cab service, have faced a series of setbacks since early 2025. Following a SEBI interim order that flagged systemic fund diversion, the promoters were barred from the securities market and subsequently resigned from their directorial roles. The ride-hailing service effectively ceased operations last year amidst mounting debt and recovery proceedings initiated by lenders in the debt recovery tribunal.