The Enforcement Directorate (ED) has provisionally attached two luxury Gurugram apartments worth nearly ₹73 crore in connection with two cases allegedly involving the Gensol and BluSmart groups, their promoters and others, the agency said on Monday.
In the first case, the agency attached a Gurugram flat in Haryana registered in the name of Capbridge Ventures LLP (a Gensol Group company) worth ₹40.57 crore and ₹14.28 crore in bank balances of various entities.
The ED investigation is based on two first information reports registered by the Delhi Economic Offenses Department against Gensol Engineering Limited, 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) and others said.
Gensol Engineering Limited (GEL) and its associated entity BFPL collaborated with GAPL in an alleged criminal conspiracy to systematically divert public funds disbursed as loans from public lenders, the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC) and non-banking finance company (NBFC) Toyota Financial Services India Limited. This happened “under the guise of expanding their fleet of electric vehicles”.
The companies “actually transferred the loan funds through Go Auto (authorized Tata EV dealer) and moved the same through a series of layered transactions across the network of group companies for further business activities of the Gensol group and personal enrichment of the promoters,” the agency said.
“This diversion of credit funds has resulted in Gensol’s accounts becoming NPA (Non-Performing Assets) and causing loss to State Public Sector Undertakings IREDA and PFC and NBFC Toyota Financial Services India Limited. The total amount outstanding to Gensol Engineering Limited from IREDA and PFC loans as on December 2025 is ₹505.27 crore.
According to the agency, Mr Anmol Singh Jaggi – with the help of Mr Agarwal – diverted the loan funds to a luxury residential property in Gurugram.
In the second case, the ED attached another flat worth ₹32.28 crore, registered in the name of Anvi Power Investment Private Limited. It alleged that Mr Anmol, chairman of the Gensol Group, acquired the property using funds diverted from a group company, Matrix Gas and Renewables Limited.
The Central Bureau of Investigation has registered a case against Matrix Gas and Renewable limited (Matrix) and others on a complaint filed by MECON Limited, which has been appointed as the implementing agency for the Ministry of New and Renewable Energy scheme. Based on this, the ED is conducting an investigation under the Prevention of Money Laundering Act.
The ED said the ministry has earmarked funds for pilot projects in the steel sector to promote the use of green hydrogen for the iron and steel manufacturing process through the Ministry of Steel under the National Green Hydrogen Mission. Matrix Gas and Renewables Limited emerged as the successful bidder and was initially paid 20% of the approved government subsidy of ₹32.28 crore.
However, the agency alleged that the company diverted the entire amount through a series of layered transactions through a network of legal entities under the control of Mr. Anmol and was used for “personal enrichment of the promoters and for other activities of the Gensol group”. The subject flat was also bought using the funds, the ED said.
Published – 19 Jan 2026 21:32 IST
