# CBI registers case against BluSmart founders over Rs 672 crore IREDA loan loss 2026-08-20T07:02:31+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Central Bureau of Investigation has registered a case against Gensol Engineering, its EV leasing arm, and BluSmart founders Anmol Singh Jaggi and Puneet Singh Jaggi over an alleged loss of more than Rs 672 crore to the Indian Renewable Energy Development Agency. The FIR, filed on a complaint from IREDA, alleges that loans taken to procure electric vehicles for the BluSmart ride-hailing service were diverted to other purposes. The complaint also says forged letters were submitted to credit rating agencies. India Today reports that IREDA's complaint states funds were transferred to related entities as loans or advances, not used for their intended purpose. The forensic audit mentioned in the complaint estimated probable diversion or misutilisation of Rs 290.76 crore across the two Gensol entities. Inc42 adds that the audit flagged specific irregularities, including that only 1,549 of 3,000 funded EVs were capitalised, and that Rs 50 crore transferred to a vendor was later used to book a luxury apartment. The case has been registered under sections of the Bharatiya Nyaya Sanhita related to criminal conspiracy, cheating, and forgery. BluSmart had already suspended its ride-hailing operations in April 2026. The accused include the two founders and unidentified persons. No reaction has been received from the companies. ## Indian Opinion Analysis Both India Today and Inc42 present the CBI case as a factual development from IREDA's complaint, with Inc42 adding significantly more detail from the forensic audit, including specific figures on diverted funds and the luxury apartment transaction. The coverage is uniformly straight reporting without any discernible government or opposition slant. The common thread is that the founders face serious allegations of financial misconduct. What the reader should watch for is whether the accused respond, and whether the regulatory action leads to a broader probe into other lenders mentioned in the FIR. ## Coverage Coverage: 2 sources, 2 neutral - indiatoday.in (neutral report) Leads with CBI registration and loss figure, reports allegations without slant - inc42.com (neutral report) Adds extensive forensic audit details but no evaluative language This story was synthesised by AI from the 2 sources linked above. Updated: this story now draws on 2 sources. Last updated 2026-08-22T15:32:24+00:00. Tags: Anmol Singh Jaggi, BluSmart, CBI, Gensol Engineering, IREDA Canonical: https://indianopinion.org/cbi-files-case-against-blusmart-founders-for-rs-672-crore-loan-fraud/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/cbi-files-case-against-blusmart-founders-for-rs-672-crore-loan-fraud/#story-in-brief How this brief was made: an AI model read the reports linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. Stance labels are editorial classifications of how each outlet framed this story, assigned by the same model, not ratings of the outlets. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/