IREDA loan: CBI registers case against Gensol Engineering, BluSmart founders over ₹672-crore alleged loss - The HinduPublished - August 19, 2026 11:35 pm IST - NEW DELHIThe 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.It had extended financial assistance to Gensol Engineering for procurement of electric vehicles and execution of Engineering, Procurement, and Construction (EPC) in solar projects. Among other securities, the loans were secured by the hypothecation of vehicles purchased with disbursed funds, along with a charge on lease rentals to be received from the lessee.Later, investigations by the Securities & Exchange Board of India revealed alleged fraudulent activities by the borrower and other associated entities, also involving the misappropriation of funds provided by IREDA. The FIR mentioned that apart from IREDA, 15 banks and financial institutions, including Power Finance Corporation Limited, Canara Bank, HDFC Bank, and ICICI Bank, had granted loans to Gensol Engineering.The Corporate Insolvency Resolution Process with respect to the borrower is currently ongoing under the National Company Law Tribunal.Published - August 19, 2026 11:35 pm ISTSign in to unlock member-only benefits!Access 10 free stories every monthSave stories to read laterAccess to comment on every storySign-up/manage your newsletter subscriptions with a single clickGet notified by email for early access to discounts & offers on our products${ ind + 1 } ${ device }Last active - ${ la }