From Loan Diversion To Forged Letters: CBI Books BluSmart Founders In ₹672 Cr IREDA Case

The CBI has registered an FIR against the founders of Gensol Engineering and BluSmart, Anmol Singh Jaggi and Puneet Singh Jaggi, in connection with a ₹672 crore case involving the alleged diversion and misappropriation of loans from the state-run IREDA. The FIR was filed following a complaint by IREDA general manager Jagdeep Singh, alleging that loans meant for purchasing commercial electric vehicles were diverted and that forged documents were submitted to credit rating agencies.

Forensic audits by IREDA estimate that ₹225.89 crore was misutilized by Gensol Engineering and ₹64.87 crore by Gensol EV Lease. The discrepancies include unaccounted invoices, vehicles registered before being invoiced, and vehicles registered without valid insurance. The audit concluded that no assets were created using the loan, and the entire disbursement was diverted.

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