ED Cracks Down on Gensol Group, Attaches ₹86 Crore Worth of Assets in Money Laundering Probe
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In a major crackdown, the Enforcement Directorate (ED) has attached assets worth over ₹86 crore in its ongoing money laundering probe against the Gensol Group, promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi. The probe is linked to two separate FIRs filed by the Delhi Police and the Central Bureau of Investigation (CBI) against Gensol Engineering Ltd (GEL) and BluSmart Fleet Pvt Ltd. The ED has attached an apartment worth ₹40.57 crore in DLF Camellias, Gurugram, registered in the name of Capbridge Ventures LLP, a Gensol Group company. Additionally, bank balances worth ₹14.28 crore in various Gensol group companies have been attached under the Prevention of Money Laundering Act (PMLA). Investigations revealed that GEL and BluSmart collaborated with Go Auto Pvt Ltd (GAPL) in a criminal conspiracy to divert public funds disbursed as loans from public lenders, including Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency Limited (IREDA). The companies allegedly funneled these loans through GAPL and moved the funds through a series of layered transactions across a web of group companies for personal enrichment. The probe has also attached an apartment worth ₹32.28 crore in The Magnolias at DLF City Phase-V, Gurugram, registered in the name of Anvi Power Investment Pvt Ltd. The ED claims that this property was acquired by Anmol Singh Jaggi using funds diverted from Matrix Gas and Renewables Ltd. The ED's probe is linked to a complaint by government enterprise MECON Ltd, which alleged that Matrix Gas and Renewables Ltd had diverted government funds meant for pilot projects in the steel sector. The funds were allegedly used to acquire the apartment in The Magnolias, making it a proceeds of crime. The total amount outstanding of GEL out of IREDA and PFC loans is ₹505.27 crore, causing a loss to the public sector units and Toyota Financial Services India Limited. The ED's probe is ongoing, and further actions are expected in the coming days.
