1 week ago
CBI Books Gensol Promoters Over Alleged ₹453 Crore Diversion
The CBI has opened a case involving Gensol Engineering and its promoters.
The case is about loans given to buy electric vehicles.
IREDA, a government-owned lender, says some of the money may have been used for other purposes.
It also alleges that false information and forged documents may have been provided.
The CBI says the alleged loss to IREDA is ₹453 crore.
The Enforcement Directorate is investigating the matter separately under money-laundering law.
SEBI has also examined allegations involving company funds.
Gensol had not answered an email asking for its response.
The CBI registered a case against Gensol Engineering, its promoters Anmol Singh Jaggi and Puneet Singh Jaggi, and others.
The case follows a complaint by state-owned IREDA over loans sanctioned to purchase electric vehicles.
IREDA alleged forgery, misrepresentation, false information to credit-rating agencies and diversion of loan funds.
The CBI FIR says IREDA allegedly suffered a ₹453 crore loss, including outstanding amounts stated as of June 30, 2026.
The Enforcement Directorate and SEBI are separately investigating related allegations, while Gensol had not responded to an emailed request for comment.
- Who
- The CBI, Gensol Engineering, its promoters Anmol Singh Jaggi and Puneet Singh Jaggi, IREDA, the ED and SEBI.
- What
- The CBI registered a case over alleged diversion of EV-loan funds, forgery, misrepresentation and false information.
- Where
- The case involves Gensol Engineering and IREDA; the report is datelined New Delhi.
- When
- The FIR was registered on July 31, nearly three months after IREDA filed its complaint; the FIR cites outstanding amounts as of June 30, 2026.
- Why
- IREDA alleged that loan funds sanctioned for electric-vehicle purchases were diverted and that misleading or false information was submitted.
Investigators’ allegations
Company response unavailable
Use of loan funds
Investigators’ allegations
IREDA alleged that funds sanctioned for purchasing electric vehicles were diverted to other purposes.
Company response unavailable
Gensol’s position was not provided because the company did not respond to an emailed request for comment.
Information submitted to agencies
Investigators’ allegations
IREDA alleged forgery, misrepresentation and false information was submitted to credit-rating agencies concerning the loans.
Company response unavailable
No response from Gensol disputing or explaining these allegations was reported.
Financial impact
Investigators’ allegations
The CBI FIR states that IREDA allegedly suffered a ₹453 crore loss, including outstanding amounts as of June 30, 2026.
Company response unavailable
The reported material does not include a separate statement from Gensol on the alleged loss.
Key facts
- Accused entities
- Gensol Engineering, its promoters Anmol Singh Jaggi and Puneet Singh Jaggi, and others
- Complainant
- Indian Renewable Energy Development Agency Ltd (IREDA)
- Loan purpose
- Purchase of electric vehicles
- Alleged loss
- ₹453 crore, including outstanding amounts stated as of June 30, 2026
- FIR date
- July 31
- Other investigations
- The Enforcement Directorate is investigating under the Prevention of Money Laundering Act, while SEBI has also scrutinized alleged company-fund diversion
- Company response
- An email seeking Gensol’s response to the FIR remained unanswered
Sources
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