CBI Investigates Gensol Engineering and BluSmart Founders Over ₹672-Crore IREDA Loss
· Business · The Hindu, Business Standard, Moneycontrol
The Central Bureau of Investigation has registered a case against Gensol Engineering Limited, Gensol EV Lease Limited, and their promoters for allegedly causing a ₹672.74-crore loss to the Indian Renewable Energy Development Agency Limited. The FIR names BluSmart co-founders Anmol Singh Jaggi and Puneet Singh Jaggi among the accused. IREDA alleged that the company defaulted on principal amounts of ₹453.77 crore and ₹218.97 crore related to solar project execution and electric vehicle procurement loans. Investigations by the Securities & Exchange Board of India previously flagged alleged fraudulent activities and misappropriation of funds by the borrower. The company is currently undergoing a Corporate Insolvency Resolution Process under the National Company Law Tribunal.
Why it matters
The case highlights significant financial irregularities involving a major renewable energy player and impacts multiple financial institutions, including Canara Bank, HDFC Bank, and ICICI Bank, that extended credit to the firm.
Read the original report — The Hindu
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