IREDA loan: CBI registers case against Gensol Engineering, BluSmart founders over ₹672-crore alleged loss

IREDA loan: CBI registers case against Gensol Engineering, BluSmart founders over ₹672-crore alleged loss Published – August 19, 2026 11: 35 pm IST – NEW DELHI.

Key points

• Among those named in the First Information Report (FIR) are Anmol Singh Jaggi and Puneet Singh Jaggi, co-founders of the electric mobility ride-hailing service BluSmart and Gensol Engineering.
• The Corporate Insolvency Resolution Process with respect to the borrower is at present ongoing under the National Business Law Tribunal.
• It had extended financial assistance to Gensol Engineering for procurement of electric vehicles and execution of Engineering, Procurement, and Construction (EPC) in solar projects.

In practice, the Central Bureau of Investigation has registered a case against Gensol Engineering Limited, Gensol EV Lease Limited, its promoters and others for allegedly causing a loss of ₹672.74 crore to the Indian Renewable Development Agency Limited (IREDA).

IREDA, in its complaint to the CBI, alleged that it suffered a loss of ₹453.77 crore as principal amount outstanding on account of Gensol Engineering and ₹218.97 crore as principal amount on account of Gensol EV Lease Limited, excluding interest liability.

It had extended financial assistance to Gensol Engineering for procurement of electric vehicles and execution of Engineering, Procurement, and Construction (EPC) in solar projects. Among other securities, the loans were secured by the hypothecation of vehicles purchased with disbursed funds, along with a charge on lease rentals to be received from the lessee.

Afterwards, investigations by the Securities & Exchange Board of India disclosed alleged fraudulent activities by the borrower and other associated entities, additionally involving the misappropriation of funds provided by IREDA. The FIR mentioned that apart from IREDA, 15 banks and financial institutions, including Power Finance Corporation Limited, Canara Bank, HDFC Bank, and ICICI Bank, had granted loans to Gensol Engineering.

Notably, the Corporate Insolvency Resolution Process with respect to the borrower is at present ongoing under the National Business Law Tribunal.

In short, IREDA loan: CBI registers case against Gensol Engineering, BluSmart founders over ₹672 is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.