ED attaches Rs 54.85 crore assets in Gensol Group PMLA probe

The Directorate of Enforcement (ED) has issued a Provisional Attachment Order (PAO) against entities linked to the Gensol Group under the Prevention of Money Laundering Act (PMLA), 2002, attaching assets worth a total of ₹54.85 crore.

According to a press release issued on January 19, 2026, the attached assets include a luxury apartment valued at ₹40.57 crore located at DLF Camelias, Gurugram, Haryana. The property, Apartment No. CM 708-A, is registered in the name of M/s Capbridge Ventures LLP, a Gensol Group company. In addition, bank balances totaling ₹14.28 crore lying in various Gensol group companies have also been attached.

The ED initiated the investigation on the basis of two FIRs registered by the Economic Offences Wing (EOW) of Delhi Police at Mandir Marg, New Delhi. The FIRs were filed against Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, and individuals including Anmol Singh Jaggi and Punit Singh Jaggi, promoters of the Gensol and BluSmart Group, along with Alay Agarwal, promoter of Go Auto Pvt Ltd, and others.

The PMLA investigation revealed that Gensol Engineering Ltd and BluSmart Fleet Pvt Ltd allegedly collaborated with Go Auto Pvt Ltd in a criminal conspiracy to divert public funds. These funds had been disbursed as loans by government lenders IREDA and PFC, as well as NBFC Toyota Financial Services India Ltd, for the purpose of expanding electric vehicle operations.

The ED has alleged that the accused persons siphoned off loan funds meant for the purchase of electric vehicles and related infrastructure. The funds were allegedly routed through Go Auto Pvt Ltd, a dealer of Tata electric vehicles, and then moved through a series of layered transactions across multiple group companies. The investigation claims that the money was ultimately used for other business activities of the Gensol Group and for the personal enrichment of its promoters.

The alleged diversion of loan funds resulted in the accounts of Gensol Engineering Ltd becoming non-performing assets (NPAs), causing financial loss to government PSUs IREDA and PFC, as well as to Toyota Financial Services India Ltd. The total outstanding loan amount from IREDA and PFC as of December 2025 stands at ₹505.27 crore.

The ED further stated that Anmol Singh Jaggi, with the help of co-conspirator Ajay Agarwal, diverted loan funds to acquire the luxury residential property at DLF Camelias in Gurugram. The property has now been provisionally attached as “Proceeds of Crime” under the PMLA. Bank balances in accounts of various Gensol group companies and benami companies opened in the names of employees have also been traced and attached.