IREDA loan: CBI registers case against Gensol Engineering, BluSmart founders over ₹672-crore alleged loss
The CBI has registered a case against Gensol Engineering and BluSmart founders for allegedly causing a ₹672-crore loss to the Indian Renewable Development Agency. The investigation follows allegations of fund misappropriation and fraudulent activities related to loans granted for electric vehicle procurement and solar projects.
Why it matters
This case highlights significant financial governance issues within the renewable energy sector and impacts major Indian financial institutions.
The Central Bureau of Investigation has registered a case against Gensol Engineering Limited, Gensol EV Lease Limited, its promoters and others for allegedly causing a loss of ₹672.74 crore to the Indian Renewable Development Agency Limited (IREDA).
Among those named in the First Information Report (FIR) are Anmol Singh Jaggi and Puneet Singh Jaggi, co-founders of the electric mobility ride-hailing service BluSmart and Gensol Engineering.
IREDA, in its complaint to the CBI, alleged that it suffered a loss of ₹453.77 crore as principal amount outstanding on account of Gensol Engineering and ₹218.97 crore as principal amount on account of Gensol EV Lease Limited, excluding interest liability.
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