Whalesbook
ED Freezes Gensol Group Assets in Multi-Crore Fraud Probe
The Enforcement Directorate (ED) has provisionally attached luxury properties and bank balances totaling ₹87.41 crore linked to Gensol Group and its promoters, Anmol Singh Jaggi and Punit Singh Jaggi. This significant action is part of two ongoing money laundering investigations concerning the alleged diversion of public funds and government grants.
Allegations of Loan Diversion
The first case details allegations of promoters conspiring to siphon loans sanctioned by government lenders like IREDA and PFC, along with Toyota Financial Services. These funds, earmarked for procuring electric vehicles to expand the BluSmart fleet, were reportedly channelled through Go Auto (a Tata EV dealer) and a network of shell companies. This alleged misconduct led to Gensol's accounts becoming non-performing assets (NPAs), with an outstanding balance of ₹505.27 crore by December 2025.
Misuse of Green Hydrogen Funds
A second attachment arises from a CBI probe concerning Matrix Gas and Renewables Ltd. The company had received a government grant under the National Green Hydrogen Mission (NGHM) for a pilot project. However, the ED alleges that an initial disbursement of ₹32.28 crore was diverted by Anmol Singh Jaggi. Instead of funding the hydrogen project, these funds were allegedly layered through corporate entities to acquire a luxury apartment worth ₹32.56 crore.
Promoters' Woes Deepen
The Jaggi brothers, formerly associated with the BluSmart EV cab service, have faced substantial regulatory setbacks since early 2025. Following a SEBI interim order flagging systemic fund diversion, the promoters were barred from the securities market and resigned from their directorial positions. The ride-hailing service effectively ceased operations last year amid mounting debt and recovery proceedings initiated by lenders.