The Central Bureau of Investigation (CBI) registered an FIR against BluSmart founders Anmol Singh Jaggi and Puneet Singh Jaggi, along with Gensol Engineering and Gensol EV Lease, over alleged diversion and misappropriation of loans worth ₹672 crore extended by the state-run Indian Renewable Energy Development Agency (IREDA). The FIR was filed on July 31 following a complaint by IREDA on July 23, citing forged documents and loan misuse, according to inc42.com.
Anmol and Puneet Jaggi, who founded Gensol Engineering in 2007 and later co-founded the EV ride-hailing startup BluSmart (originally Gensol Mobility in 2018), are accused of diverting loans from their intended purposes. BluSmart suspended its cab-booking services on April 16, with its app ceasing to function months after operations halted. The FIR cites criminal conspiracy, cheating, forgery, and use of forged electronic records under relevant sections of the BNS, based on forensic audits submitted by IREDA on January 20, 2026, per inc42.com.
This case highlights increasing scrutiny on financial governance within India's clean energy and EV sectors, where startups like BluSmart have attracted significant attention. The alleged ₹672 crore loan diversion is among the largest such cases involving renewable energy financing. It underscores challenges in loan monitoring and compliance for state-backed agencies like IREDA, which play a critical role in funding green energy initiatives, according to inc42.com.
The FIR names unidentified persons alongside the founders, with investigations ongoing. The complaint and forensic audit reports by IREDA form the basis of the case. BluSmart’s suspension of services and app shutdown followed the crisis at Gensol entities. The CBI’s Anti-Corruption Branch in New Delhi is handling the probe, with further developments expected as the investigation proceeds, inc42.com reported.