CBI files FIR against BluSmart founders for loan fraud; forensic audit estimates ₹225.89 Cr diverted at Gensol Engineering and ₹64.87 Cr at Gensol EV Lease.

The details

• The CBI registered an FIR against Gensol Engineering, Gensol EV Lease, and BluSmart founders Anmol Singh Jaggi and Puneet Singh Jaggi.
• The FIR alleges diversion and misappropriation of loans from IREDA, with forensic audit estimating ₹225.89 Cr diverted at Gensol Engineering and ₹64.87 Cr at Gensol EV Lease.
• The FIR was filed on July 31, 2026 under sections for criminal conspiracy, cheating, forgery, and using forged documents.
• IREDA had sanctioned ₹267.79 crore to Gensol Engineering for 3,000 commercial EVs to be leased to BluSmart, but only 1,549 vehicles were capitalised.
• A forensic audit estimated probable diversion of ₹225.89 crore at Gensol Engineering and ₹64.87 crore at Gensol EV Lease.
• Of 2,398 purchase invoices, only 1,525 were recorded in Gensol Engineering books; 873 were unaccounted.
• Gensol allegedly submitted forged IREDA letters to credit rating agencies CARE Ratings and ICRA to show no overdue amounts.
• IREDA recalled loans and recovered ₹106.71 crore; accounts were classified as NPAs (non-performing assets) and insolvency proceedings initiated.

The bigger picture

• IREDA declared the accounts fraudulent on July 9, 2026, and reported to RBI on July 10, 2026.
• The case highlights alleged misuse of green energy loans for purposes like booking a luxury apartment.

About the business

• BluSmart is an electric cab service operator in India.
• It was initially founded as Gensol Mobility in October 2018 and renamed Blu-Smart Mobility in 2019.
• The company leased electric vehicles from Gensol EV Lease, a subsidiary of Gensol Engineering.
• BluSmart's operations were suspended in April 2026, and its app stopped working on both Android and iOS platforms.

The deal

Type

other

Founders

• Anmol Singh Jaggi, co-founder
• Puneet Singh Jaggi, co-founder

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