CBI registers case against BluSmart's founders

Meanwhile, the Economic Times daily newspaper is available online now.

Key points

• CBI registers case against BluSmart's founders Anmol Singh Jaggi and Puneet Singh Jaggi.
• The action comes on a complaint filed by The Indian Renewable Development Agency (IREDA).
• Gensol engineering ltdCBI investigationBluSmart foundersGensol Engineering LtdIREDA complaintAnmol Singh Jaggicanara bankpower finance corporation ltdicici bank.
• Power shift, a déjà vu: Air India could be new CEO's toughest flight yet.
• These letters were not issued by the authorities of IREDA and were identified to be forged, the agency alleged.

Meanwhile, the CBI has filed a case against BluSmart founders. This action follows allegations of causing a significant financial loss to IREDA. Funds were reportedly misappropriated and diverted from their intended purposes. The investigation involves forged documents submitted to credit rating agencies. This has led to a substantial financial impact on the renewable energy agency.

New Delhi, The CBI has registered a case against Gensol Engineering Ltd and the founders of BluSmart EV taxi service, Anmol Singh Jaggi and Puneet Singh Jaggi, over causing alleged loss of over Rs 672 crore to IREDA, authorities stated Wednesday. The action comes on a complaint filed by The Indian Renewable Development Agency (IREDA). It had alleged that it extended loans to Gensol Engineering Limited and its subsidiary, Gensol EV Lease Limited, for procuring Electric Vehicles for the BluSmart EV ride-hailing service, the FIR remarked. No immediate reaction was available from the firms or other accused persons.

It alleged that funds were misappropriated and diverted for purposes other than those they were sanctioned for, resulting in a loss of Rs 453.77 crore on account of Gensol Engineering Limited and Rs 218.97 crore on account of Gensol EV Lease Limited, excluding interest and other applicable charges. Based on the complaint, the CBI registered a case against Gensol Engineering and its subsidiary and BluSmart EV founders under Bharatiya Nyaya Sanhita sections related to criminal conspiracy, cheating, forgery for the purpose of cheating and using a forged document or electronic record as genuine. Live Events.

"It was learnt by IRI-IDA that the Borrower firm had submitted forged letters to the Credit Rating Agencies, purportedly issued by IREDA, concerning the status of the loans and the withdrawal of ratings. These letters were not issued by the authorities of IREDA and were identified to be forged, " the agency alleged. The IREDA, in its complaint to the CBI, has alleged that 15 banks and financial institutions, including Power Finance Corporation Ltd, Canara Bank, IDFC Bank and ICICI Bank, had additionally granted loans to Gensol Engineering Limited (GEL). The forensic audit additionally demonstrated that funds were transferred to related entities in the form of loans/advances or repayments for loan/advances received earlier. It was not the intended employ of disbursements availed by GEL, it alleged. Add Now!

ET Prime special series: Bigger or Better? Bharat Electronics' 2013 to 2026 journey – Part 2.

For now, CBI registers case against BluSmart' s founders remains the part of the story worth watching, and further updates are likely as more details are confirmed.