Now Reading: CBI Files FIR Against BluSmart Promoters Over Rs 672 Crore Loan Fraud
-
01
CBI Files FIR Against BluSmart Promoters Over Rs 672 Crore Loan Fraud
The Central Bureau of Investigation (CBI) has registered a criminal case against Anmol Singh Jaggi, his brother Puneet Singh Jaggi, and their companies Gensol Engineering Ltd and Gensol EV Lease Ltd, which operated the now-defunct BluSmart cab service. The case follows a complaint by the Indian Renewable Energy Development Agency (IREDA), which alleged that the promoters diverted loans meant for procuring electric vehicles and solar projects, causing a loss of over Rs 672 crore.
The CBI FIR, accessed by Times Now, states that IREDA had provided loans to Gensol in 2022 for electric vehicles to be leased to BluSmart. IREDA later discovered that the company submitted forged letters to credit rating agencies. The loan accounts were classified as non-performing assets, and IREDA has initiated insolvency proceedings. The Enforcement Directorate has also attached a luxury apartment worth Rs 32.28 crore linked to the alleged diversion.
According to the Securities and Exchange Board of India (SEBI), Gensol and its promoters received Rs 977.75 crore in loans but procured only 4,704 electric vehicles instead of the funded 6,400. Hindustan Times reports that funds were routed to the promoters for personal expenses, including a luxury apartment. The Jaggi brothers have not commented on the development.
Indian Opinion Analysis
Times Now leads with the CBI FIR and the forged letters, a detail it exclusively reports, while Hindustan Times and NDTV Profit focus on the loan diversion amount and the regulator's findings. Times Now's framing emphasises official action and the scale of the loss, whereas Hindustan Times provides broader context from SEBI's probe, including personal expenses by promoters. All sources agree on the core fraud narrative, but Times Now's exclusive on forgery adds a specific legal dimension. The measured read is that the case consolidates multiple agency investigations, and the next step is the CBI's court proceedings.
Coverage: 3 sources, 3 neutral
Sources (3): timesnownews.com (neutral report), ndtvprofit.com (neutral report), hindustantimes.com (neutral report)
This story was synthesised by AI from the 3 sources linked above. Methodology and corrections.
Updated: this story now draws on 3 sources.
