Did the ED seize assets worth Rs 54 crore linked to BluSmart Fleet?
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Synopsis
The ED has launched a significant crackdown on financial irregularities linked to BluSmart Fleet, attaching assets worth Rs 54 crore. This investigation reveals deep-rooted financial misconduct involving prominent players in the electric vehicle sector, raising pressing concerns about public fund management. The implications of this case could resonate through the financial landscape of the affected agencies.
Key Takeaways
- The ED has seized assets worth Rs 54 crore linked to BluSmart Fleet.
- Allegations involve misuse of loans exceeding Rs 500 crore.
- Investigation initiated based on FIRs from the Delhi Police.
- Gensol Engineering Ltd and associated firms are under scrutiny.
- Public trust in financial management is at stake.
New Delhi, Jan 19 (NationPress) The Enforcement Directorate has seized an apartment in Gurugram and bank balances totaling Rs 54 crore in connection with the alleged misuse of loans exceeding Rs 500 crore by firms connected to the defunct e-ride hailing service BluSmart Fleet, as confirmed by an official on Monday.
As part of this investigation, the ED's Headquarters Investigation Unit in New Delhi issued a Provisional Attachment Order (PAO) concerning the Gensol Group under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The federal agency has attached Apartment No. CM 706-A at DLF Camellias, Gurugram, valued at Rs 40.57 crore, along with bank balances amounting to Rs 14.28 crore across various companies within the Gensol group, as stated in an official release.
The investigation commenced following two FIRs lodged by the Economic Offences Wing (EOW) of the Delhi Police, targeting Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, along with promoters Anmol Singh Jaggi and Punit Singh Jaggi, along with others.
According to the investigation under PMLA, it was discovered that Gensol Engineering Ltd (GEL) and its affiliate BluSmart Fleet Pvt Ltd entered into a criminal conspiracy with Go Auto Pvt Ltd (the official dealer of electric vehicles) to illegally divert public funds allocated as loans from public lenders like IREDA and PFC, as well as from NBFCs, including Toyota Financial Services India Ltd, under the pretext of expanding their electric vehicle fleet.
The accused companies siphoned off these loan funds through Go Auto Pvt Ltd and executed numerous layered transactions across a network of group companies, misappropriating funds for personal gains and unrelated business activities, according to the ED.
This diversion of funds resulted in Gensol's accounts becoming non-performing assets, leading to significant losses for public sector units such as the Indian Renewable Energy Development Agency (IREDA) and PFC, along with the NBFC Toyota Financial Services India Limited.
By December 2025, the total outstanding loans of Gensol Engineering Limited from IREDA and PFC amounted to Rs 505.27 crore.
The investigation uncovered that Anmol Singh Jaggi, aided by co-conspirator Ajay Agarwal, misappropriated loan funds to acquire a luxury residential property at DLF, The Camellias, Gurugram.
Consequently, this property has been provisionally attached by the ED under PMLA, 2002, as Proceeds of Crime. Additionally, bank balances in the accounts of several Gensol group companies and benami entities linked to Gensol employees, identified during searches, have also been seized, as stated in the release.
Point of View
It is imperative to highlight the serious implications of this investigation by the ED. The attachment of assets linked to prominent firms raises critical questions about the integrity of financial practices in India and the accountability of those in charge of managing public funds. It is vital for the nation to ensure such incidents do not recur and public trust is restored.
NationPress
19/01/2026
Frequently Asked Questions
What prompted the ED's investigation into BluSmart Fleet?
The investigation was initiated based on two FIRs filed by the Economic Offences Wing of the Delhi Police, concerning financial misconduct linked to Gensol Group and its associated companies.
What assets were seized by the ED?
The ED provisionally attached an apartment in Gurugram valued at Rs 40.57 crore and bank balances totaling Rs 14.28 crore from various Gensol group companies.
What were the allegations against the companies involved?
The companies were accused of conspiring to divert public funds through fraudulent loans under the guise of expanding their electric vehicle fleet.
What is the total outstanding loan amount for Gensol Engineering Ltd?
As of December 2025, the total outstanding loans for Gensol Engineering Limited from IREDA and PFC amounted to Rs 505.27 crore.
What can be the impact of this investigation?
This investigation may highlight serious financial misconduct, potentially leading to greater scrutiny of public fund management and accountability in the electric vehicle sector.
