The Enforcement Directorate has provisionally attached a high-end residential apartment at DLF The Camellias in Gurugram along with bank balances totalling Rs 54 crore as part of its ongoing investigation into alleged financial irregularities linked to the Gensol Group. The action has been taken under the provisions of the Prevention of Money Laundering Act after the agency concluded that the assets were acquired using funds diverted from sanctioned loans.
According to the ED, the immovable property under attachment is Apartment No. CM 706-A at DLF The Camellias, Gurugram, Haryana. The apartment is registered in the name of M/s Capbridge Ventures LLP, which the agency has identified as a company belonging to the Gensol Group. The property has been valued at approximately Rs 40.57 crore. In addition to this, bank balances amounting to Rs 14.28 crore, held across multiple accounts of different Gensol Group entities, have also been attached as part of the same proceedings.
The money laundering probe was initiated on the basis of two FIRs registered by the Economic Offences Wing. These FIRs name Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, promoters Anmol Singh Jaggi and Punit Singh Jaggi, Ajay Agarwal of Go Auto Pvt Ltd, and several other associated individuals. The ED has alleged that these entities and individuals acted in concert as part of a criminal conspiracy.
As per the agency, Gensol Engineering Ltd and its group company BluSmart Fleet Pvt Ltd entered into an arrangement with Go Auto Pvt Ltd to divert public funds raised through loans from government-backed financial institutions and non-banking financial companies. These loans were sanctioned by public sector undertakings IREDA and PFC, as well as Toyota Financial Services India Ltd, and were officially approved for the expansion of an electric vehicle fleet.
However, the ED claims that the investigation revealed a different trail of funds. Instead of being utilised for the stated purpose, the loan amounts were allegedly routed through Go Auto Pvt Ltd, an authorised dealer of Tata electric vehicles, and then layered through multiple transactions involving several group companies. According to the agency, this complex routing was deliberately designed to conceal the origin and end-use of the funds.
The ED has alleged that the diverted funds were ultimately used for other business activities of the Gensol Group that were unrelated to the sanctioned loan purpose, as well as for the personal enrichment of the promoters. As a result of this alleged diversion, the loan accounts of Gensol Engineering Ltd reportedly turned into non-performing assets, causing significant financial losses to IREDA, PFC and Toyota Financial Services India Ltd.
The agency stated that as of December 2025, the total outstanding loan amount payable by Gensol Engineering Ltd to IREDA and PFC stood at Rs 505.27 crore. These defaults, the ED claims, are directly linked to the misuse and diversion of funds that were meant to support electric mobility initiatives.
Further, the ED has alleged that promoter Anmol Singh Jaggi, with the help of co-conspirator Ajay Agarwal, used a portion of the diverted loan funds to purchase the luxury apartment at DLF The Camellias. Since the property was allegedly acquired using proceeds generated from the offence, it has been provisionally attached under the PMLA as proceeds of crime.
In addition to the luxury apartment, the ED has also attached bank balances in the accounts of several Gensol Group companies and suspected benami entities. This includes accounts opened in the names of certain group employees that were identified during search operations. The agency said the investigation is still ongoing and further action may follow as more details emerge.
