2 weeks ago
CBI Books Gensol, BluSmart Founders Over Alleged IREDA Losses
The CBI has opened a criminal case involving Gensol Engineering and the founders of BluSmart.
The case began after IREDA filed a complaint.
IREDA had given loans to help buy electric vehicles for BluSmart’s taxi service.
It alleges that some money was used for other purposes instead.
IREDA says this caused losses of more than Rs 672 crore.
It also alleges that forged letters about the loans were sent to credit-rating agencies.
The CBI case includes allegations of conspiracy, cheating and forgery.
The accused companies and people had not immediately responded.
The CBI registered a case against Gensol Engineering, its subsidiary, and BluSmart founders Anmol Singh Jaggi and Puneet Singh Jaggi.
The case follows a complaint by the Indian Renewable Development Agency alleging losses exceeding Rs 672 crore.
IREDA alleged that loan funds were diverted or misappropriated for purposes other than procuring electric vehicles for BluSmart.
The alleged losses were Rs 453.77 crore for Gensol Engineering and Rs 218.97 crore for Gensol EV Lease, excluding interest and other charges.
The complaint also alleged that forged letters were submitted to credit-rating agencies and that funds were transferred to related entities.
- Who
- The Central Bureau of Investigation, Gensol Engineering Limited, Gensol EV Lease Limited, BluSmart founders Anmol Singh Jaggi and Puneet Singh Jaggi, and IREDA.
- What
- The CBI registered a case alleging criminal conspiracy, cheating, forgery and use of forged documents connected with loan funds.
- Where
- New Delhi; the loans and complaint involved IREDA and Gensol-related entities.
- When
- The report was dated Aug. 19; officials described the case as being registered on Wednesday.
- Why
- IREDA alleged that loan funds were diverted from their sanctioned purpose and that forged letters about the loans were submitted to credit-rating agencies.
Key facts
- Alleged total loss
- Over Rs 672 crore, excluding interest and other applicable charges
- Gensol Engineering alleged loss
- Rs 453.77 crore
- Gensol EV Lease alleged loss
- Rs 218.97 crore
- Complainant
- Indian Renewable Development Agency (IREDA)
- Loan purpose
- Procuring electric vehicles for BluSmart’s EV ride-hailing service
- Other lenders named
- 15 banks and financial institutions, including Power Finance Corporation, Canara Bank, IDFC Bank and ICICI Bank
- Accused response
- No immediate reaction was available from the companies or other accused persons
Quotes
Iri-ida
Representative of Indian Renewable Development Agency
“It was learnt by IRI-IDA that the Borrower company had submitted forged letters to the Credit Rating Agencies, purportedly issued by IREDA, concerning the status of the loans and the withdrawal of ratings.”
theprint.in
Sources
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