BluSmart probe: ED attaches DLF Camellias, Magnolias flats worth ₹73 cr

The Directorate of Enforcement (ED) has provisionally attached high-value assets worth over ₹55 crore in an ongoing money-laundering investigation against the Gensol Group

India’s premier luxury real estate addresses — DLF Camellias and DLF Magnolias in Gurugram — have come under the scanner of the Enforcement Directorate (ED) as part of an expanding money-laundering investigation involving Gensol Group and its associated electric mobility venture BluSmart.

 

In two separate Provisional Attachment Orders (PAOs) issued under the Prevention of Money Laundering Act (PMLA), 2002, the ED has frozen luxury residential assets and bank balances worth ₹73 crore, alleging that they were acquired using diverted public funds and government-backed loans.

 

What assets has the ED attached?

 

The attachments span two of Gurugram’s most expensive residential developments:

 

Apartment No. CM 706-A, DLF Camellias, valued at ₹40.57 crore, registered in the name of Capbridge Ventures LLP, a Gensol Group entity

 

Apartment No. 1516B, DLF Magnolias, valued at ₹32.28 crore, registered in the name of Anvi Power Investment Pvt Ltd

 

Bank balances worth ₹14.28 crore across multiple Gensol group and benami-linked accounts

 

Together, the action freezes assets worth over ₹73 crore, pending adjudication.

 

How BluSmart enters the picture

 

The ED’s investigation was triggered by two FIRs registered by the Economic Offences Wing (EOW), Delhi Police, against Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, and key promoters Anmol Singh Jaggi and Punit Singh Jaggi.

 

According to investigators, Gensol Engineering Ltd (GEL) and BluSmart Fleet Pvt Ltd (BFPL) allegedly entered into a criminal conspiracy with Go Auto Pvt Ltd, an authorised Tata EV dealer, to divert large-scale loans sanctioned for electric vehicle fleet expansion.

 

These loans were extended by public sector lenders IREDA and PFC, and by NBFC Toyota Financial Services India Ltd. Instead of being deployed for EV procurement, the ED alleges the funds were routed through layered transactions across a web of group companies and benami entities, eventually being used for personal enrichment and acquisition of ultra-luxury real estate.

 

As of December 2025, the outstanding loan exposure of Gensol Engineering Ltd stands at ₹505.27 crore, with accounts classified as NPAs — resulting in losses to government-backed lenders.

 

The second leg: Government grants and green hydrogen funds

 

Separately, the ED has also attached the DLF Magnolias apartment in connection with a probe involving Matrix Gas and Renewables Ltd, another Gensol group company.

 

This investigation stems from an FIR filed by the CBI following a complaint by MECON Ltd, the scheme implementing agency under the National Green Hydrogen Mission (NGHM).

 

Under the mission:

 

The Ministry of New and Renewable Energy (MNRE) allocated government grants for green hydrogen pilot projects in India’s steel sector

 

Matrix Gas emerged as a successful bidder

 

An initial 20% grant of ₹32.28 crore was released

 

The ED alleges that instead of deploying these funds for the hydrogen pilot project, the entire grant was fraudulently siphoned off through layered transactions across entities controlled by Anmol Singh Jaggi. Investigators say the funds were ultimately used to acquire the DLF Magnolias luxury apartment, making it “proceeds of crime” under PMLA.

 

Allegations and Investigation Findings

 

According to the enforcement agency:

 

Loan funds originally sanctioned by government lenders Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), as well as by NBFC Toyota Financial Services India Ltd, were purportedly taken for the expansion of electric vehicle operations through BluSmart Fleet Pvt Ltd.

 

The ED alleges that instead of being used for their stated purpose, these funds were routed through Go Auto Pvt Ltd — an authorised dealer for Tata electric vehicles — and then siphoned across a network of related companies. The money was allegedly diverted to other businesses and for personal enrichment of the promoters.

 

Part of the diverted funds was allegedly used to acquire the luxury Camellias apartment attached in the PAO.

 

The agency said that due to this alleged diversion, Gensol Engineering Ltd’s loan accounts became non-performing assets (NPAs), causing losses to lenders. As of December 2025, the combined outstanding loan amounts owed to IREDA and PFC were reported to be ₹505.27 crore.

 

Wider Context: Regulatory Scrutiny and Fallout

 

This ED action occurs in the broader context of prolonged scrutiny of the Gensol Group and its promoters:

 

In April 2025, the Securities and Exchange Board of India (SEBI) barred Gensol’s founders, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding key company roles and participation in securities markets, alleging misuse of funds and poor corporate governance.

 

Independent directors exited the company amid the probe, and its EV affiliate BluSmart Fleet Pvt Ltd suspended operations amid financial strain following regulatory actions.

 

Earlier enforcement actions by the ED also included sharing findings with the Delhi Police Economic Offences Wing as part of the probing process.

 

Why the lenders matter

 

The alleged diversion has had direct financial consequences:

 

Loan accounts of Gensol Engineering Ltd reportedly slipped into non-performing asset (NPA) status

 

Government-backed PSUs IREDA and PFC, as well as Toyota Financial Services, allegedly suffered losses

 

As of December 2025, the outstanding loan exposure of Gensol Engineering Ltd to IREDA and PFC stood at ₹505.27 crore

 

This is significant because misuse of public funds attracts heightened scrutiny and faster enforcement action.

 

Why the luxury apartment was attached

 

ED investigators say that Anmol Singh Jaggi, with the help of co-conspirator Ajay Agarwal, diverted loan proceeds into the purchase of the luxury apartment at DLF Camellias.

 

Under PMLA, any asset acquired directly or indirectly using tainted funds qualifies as “proceeds of crime”, regardless of how premium or legally registered the property may be. This is why the apartment—though held through an LLP—was provisionally attached.