Now Reading: CBI registers case against BluSmart founders over Rs 672 crore IREDA loan loss
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CBI registers case against BluSmart founders over Rs 672 crore IREDA loan loss
CBI registers case against BluSmart founders over Rs 672 crore IREDA loan loss
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: 2 sources, 2 neutral
Sources (2): indiatoday.in (neutral report), inc42.com (neutral report)
This story was synthesised by AI from the 2 sources linked above. Methodology and corrections.
Updated: this story now draws on 2 sources.
