ED attaches 2 Gurugram apartments worth ₹73 cr in probe against Gensol Group| India News

The federal financial crimes probe agency is investigating two separate Gensol Group companies based on two first information reports (FIRs) filed by the Delhi Police against Gensol Engineering Ltd (GEL) and BluSmart Fleet Pvt Ltd; and the second FIR filed by the Central Bureau of Investigation (CBI) against another group firm – Matrix Gas and Renewable limited (Matrix).

In the case of BluSmart, ED said on Monday that it has attached the “apartment number CM 706-A in DLF Camellias, Gurugram, registered in the name of Capbridge Ventures LLP (a Gensol Group company) worth ₹40.57 crore”. Besides this apartment, bank balances worth ₹14.28 crore lying in various Gensol group companies have also been attached under the Prevention of Money Laundering Act (PMLA).

Apart from GEL, BluSmart Fleet, others under investigation in this case are the Jaggi brothers, Go Auto Pvt Ltd (GAPL) and its promoter Ajay Agarwal.

The ED statement said its investigation had revealed that GEL and BluSmart allegedly collaborated with GAPL in a criminal conspiracy to systematically divert public funds disbursed as loans from public lenders – Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency Limited (IREDA) – and non-banking financial company – Toyota Financial Services India Ltd under the guise of expanding their electric vehicle fleet.

It added that that the companies “actually funneled these loans through GAPL and moved the same through a series of layered transactions across a web of group companies for the other business activities of Gensol group and promoters’ personal enrichment”.

“This diversion of loan funds has led to the accounts of Gensol becoming non-performing assets (NPAs) and causing a loss to the public sector units (IREDA and PFC) and to the Toyota Financial Services India Limited. The total amount outstanding of GEL out of IREDA and PFC loans as on December, 2025 is ₹505.27 crore,” the agency added.

ED also said that Anmol Singh Jaggi, with the help of co-conspirator Ajay Agarwal, allegedly diverted the above loan funds to a luxury residential property at DLF, The Camellias.

In the case of Matrix, ED said it attached the “apartment number 1516B, The Magnolias at DLF City Phase-V, Gurugram, registered in the name of Anvi Power Investment Pvt Ltd. worth Rs. 32.28 crore”.

“This property was acquired by Anmol Singh Jaggi (who was the chairman of Gensol Group) by utilizing the funds diverted from the group company – Matrix Gas and Renewables Ltd,” ED said in a separate statement.

A probe against Matrix was launched on the complaint of government enterprise MECON Ltd.

The ministry of new and renewable energy has allocated government funds for the implementation of pilot projects in the steel sector in India for using green hydrogen for iron and steel making processes through the ministry of steel under National Green Hydrogen Mission (NGHM). In order to implement the pilot projects, the ministry of steel appointed MECON Limited as scheme implementing agency (SIA).

“Matrix Gas and Renewables Ltd. emerged as the successful bidder and initially 20% of the approved government grant – ₹32.28 crore – was disbursed to the company. Instead of using the disbursed public funds for the pilot project, Matrix dishonestly and fraudulently diverted the entire amount through a series of layered transactions across a web of corporate entities under the control of Anmol Singh Jaggi, to conceal the source and finally utilized for the personal enrichment of the promoters and for other activities of Gensol group,” ED said.

The funds, it added, were used to acquire the apartment in The Magnolias, which makes it a proceeds of crime and thus, it has been attached.