IREDA loan: CBI registers case against Gensol Engineering, BluSmart founders over ₹672-crore alleged loss

The Central Bureau of Investigation (CBI) has registered a case against Gensol Engineering Limited and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, for allegedly causing a loss of ₹672.74 crore to the Indian Renewable Development Agency Limited (IREDA). The FIR alleges that IREDA suffered a loss of ₹453.77 crore due to outstanding principal amounts on loans given to Gensol Engineering and ₹218.97 crore due to Gensol EV Lease Limited.

The loans were secured by the hypothecation of vehicles and a charge on lease rentals. The investigation also revealed fraudulent activities by the borrower and associated entities, and the Corporate Insolvency Resolution Process is currently ongoing.

Brief written by urgent.news from The Hindu's own syndicated text. Machine-written — may contain errors; check the original before relying on it.