ED seizes DLF Camellias flat, funds worth Rs 54 crore in Gensol group case

The Directorate of Enforcement (ED), HIU New Delhi, has issued a Provisional Attachment Order (PAO) under the Prevention of Money Laundering Act (PMLA), 2002, in connection with its investigation into alleged financial irregularities involving the Gensol Group.

The ED has provisionally attached a luxury apartment at DLF The Camellias in Gurugram and bank balances of various group companies, with a cumulative value exceeding Rs 54 crore.

According to the agency, the attached immovable property is Apartment No. CM 706-A at DLF The Camellias, Gurugram, Haryana, registered in the name of M/s Capbridge Ventures LLP, a Gensol Group company. The apartment has been valued at Rs 40.57 crore. Additionally, bank balances amounting to Rs 14.28 crore held in accounts of various Gensol Group entities have also been attached.

The money laundering probe was initiated on the basis of two FIRs registered by the Economic Offences Wing (EOW), Delhi Police, Mandir Marg. The FIRs name M/s Gensol Engineering Ltd, M/s BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, promoters Anmol Singh Jaggi and Punit Singh Jaggi, Ajay Agarwal of Go Auto Pvt Ltd, and other associated individuals.

The ED alleges that Gensol Engineering Ltd (GEL) and its group entity BluSmart Fleet Pvt Ltd entered into a criminal conspiracy with Go Auto Pvt Ltd to divert public funds obtained as loans from government-backed lenders and NBFCs. These loans were sanctioned by public sector undertakings IREDA and PFC, and by Toyota Financial Services India Ltd, for the stated purpose of expanding an electric vehicle fleet.

However, the investigation revealed that the funds were routed through Go Auto Pvt Ltd, an authorised dealer of Tata electric vehicles, and subsequently layered through multiple transactions across a network of group companies. The ED claims the funds were diverted for other business activities of the Gensol Group and for the personal enrichment of the promoters.

The alleged diversion resulted in the loan accounts of Gensol Engineering Ltd turning non-performing assets, causing substantial losses to IREDA, PFC and Toyota Financial Services India Ltd. As per the ED, the total outstanding loan amount of Gensol Engineering Ltd to IREDA and PFC stood at Rs 505.27 crore as of December 2025.

Further investigation revealed that Anmol Singh Jaggi, with the assistance of co-conspirator Ajay Agarwal, allegedly used part of the diverted loan funds to acquire the luxury residential property at DLF The Camellias. The property has therefore been provisionally attached as proceeds of crime under the PMLA.

The ED has also attached bank balances in accounts of various Gensol Group companies and alleged benami entities, including accounts opened in the names of group employees identified during searches. Further investigation in the matter is ongoing.

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