Did ED seize a Gurugram apartment valued at Rs 32 crore in a loan fraud case?
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Synopsis
The ED has seized a luxurious apartment in Gurugram valued at Rs 32 crore, linked to a loan fraud case involving Anmol Singh Jaggi. Discover how the investigation unfolded and the implications for the Gensol Group.
Key Takeaways
- The ED has seized a Rs 32 crore apartment in Gurugram.
- The property was acquired using misappropriated loan funds.
- Anmol Singh Jaggi is a key figure in this investigation.
- The case highlights issues of corporate governance.
- The National Green Hydrogen Mission was involved in the original funding.
New Delhi, Jan 19 (NationPress) The Enforcement Directorate (ED) has provisionally attached a luxurious apartment in Gurugram worth Rs 32 crore, which was acquired by a company through the illegal diversion of loan funds from an affiliated business, an official disclosed on Monday.
The ED, through its Headquarters Investigation Unit (HIU) in New Delhi, executed a Provisional Attachment Order (PAO) in accordance with the PMLA, 2002, targeting Apartment No. 1516B at The Magnolias, DLF City Phase-V, Wazirabad, Gurugram, Haryana. This property is registered under the name of Anvi Power Investment and is valued at Rs 32.28 crore.
Investigations under the PMLA uncovered that Anmol Singh Jaggi, the chairman and a principal promoter of the Gensol Group, acquired this property using funds misappropriated from Matrix Gas and Renewables, another company within the Gensol Group, according to the ED.
The ED initiated its inquiry against Matrix Gas and Renewables and others following an FIR lodged by the Central Bureau of Investigation, Special Task Branch, New Delhi, stemming from complaints made by Mecon.
Further investigation by the agency revealed that the Ministry of New and Renewable Energy (MNRE) allocated government resources for pilot projects aimed at utilizing green hydrogen in steel production through the Ministry of Steel as part of the National Green Hydrogen Mission (NGHM).
To facilitate these pilot projects, the Ministry of Steel appointed ECON Limited as the Scheme Implementing Agency (SIA). Matrix Gas and Renewables won the bidding process, and an initial 20% of the sanctioned government grant, totaling Rs 32.28 crore, was disbursed to them.
However, the ED determined that instead of applying the allocated public funds toward the pilot project, Matrix Gas and Renewables fraudulently redirected the entire sum through a complex network of transactions involving various corporate entities controlled by Anmol Singh Jaggi. This scheme was designed to obscure the funds' true source and ultimately benefited the promoters personally and furthered other projects within the Gensol Group.
Moreover, the investigation revealed that the diverted funds from Matrix Gas and Renewables were used to secure the aforementioned luxury property under the name of one of the group’s companies. This asset, regarded as Proceeds of Crime, has now been provisionally seized by the ED, as confirmed by an official.
Point of View
This case highlights serious concerns regarding corporate governance and accountability in the Indian business landscape. The ED's actions underscore the importance of transparency in financial dealings and the need for stringent oversight to prevent misuse of public funds.
NationPress
21/01/2026
Frequently Asked Questions
What is the value of the apartment seized by the ED?
The apartment is valued at Rs 32 crore.
Who is Anmol Singh Jaggi?
Anmol Singh Jaggi is the chairman and key promoter of the Gensol Group.
What was the source of the funds used to acquire the property?
The funds were illegally diverted from an associate company, Matrix Gas and Renewables.
What is the connection to the National Green Hydrogen Mission?
The National Green Hydrogen Mission was aimed at implementing pilot projects utilizing green hydrogen in the steel sector.
What actions did the ED take regarding the property?
The ED provisionally attached the apartment as it was deemed Proceeds of Crime.
