The Gensol–BluSmart controversy has taken a major criminal turn. CBI’s Anti-Corruption Branch, New Delhi has registered FIR RC0032026A0051 dated July 31, 2026 on a complaint by government-owned IREDA against Gensol Engineering Ltd, Gensol EV Lease Ltd, promoters Anmol Singh Jaggi and Puneet Singh Jaggi and unknown persons, invoking provisions relating to criminal conspiracy, cheating and forgery.

The numbers are staggering. IREDA says its forensic audit indicated probable diversion of ₹225.89 crore in Gensol Engineering and ₹64.87 crore in Gensol EV Lease. It subsequently declared the accounts as fraud on July 9, 2026 and reported them to RBI.

IREDA says its principal outstanding as of June 30, 2026 stood at ₹453.77 crore against Gensol Engineering and ₹218.97 crore against Gensol EV Lease.  ₹672.74 crore combined, excluding interest and other charges.  IREDA’s exchange disclosure independently confirms these figures and says it had already provided 85% against both accounts. 

The most explosive allegation concerns the EV loans. IREDA had disbursed ₹267.79 crore for purchase of 3,000 commercial EVs to be leased to BluSmart. The forensic auditor records that only 1,549 vehicles were capitalised, with vehicles actually procured valued at ₹191.65 crore. It also flagged hundreds of invoice, GST, insurance and registration discrepancies and found only 1,533 EVs exclusively hypothecated to IREDA.

Then comes the luxury-property trail: the complaint records that ₹50 crore paid onward from the EV transaction reached related-party Capbridge Ventures LLP, which allegedly remitted ₹42.94 crore to DLF towards booking of an apartment in “The Camellias”.

The FIR material also records same-day “boomerang” transactions where funds paid to EV vendor Go Auto allegedly returned to Gensol/group entities. In another ₹43.69-crore loan for 400 EVs, the forensic auditor found only 18 of the 400 vehicles registered in Gensol’s name; two registration numbers cited in the records allegedly corresponded to a motorcycle/scooter rather than an electric car. The auditor concluded that no assets had been created from that project loan and treated the entire disbursement as diverted.

For Gensol EV Lease, the complaint is equally damaging. Against an IREDA-backed project for 3,800 EVs, ₹171.73 crore was transferred to Go Auto, but ₹127.90 crore remained shown as an outstanding advance. The forensic audit also alleges ₹44.73 crore went to group/related entities and ultimately assesses probable diversion/misutilisation of ₹64.87 crore.

Even the vehicle paperwork is under the scanner: for one project, proforma invoices appeared to show 1,000 vehicles from Go Auto and 133 from Jubilant, while the complaint says only 128 vehicles were actually purchased, raising an allegation of forged/doctored invoices.

IREDA also alleges that forged letters bearing purported IREDA signatures were submitted to CARE and ICRA, claiming there were no overdue instalments and that the account was standard, when it had already been classified SMA. An expert, according to the complaint, confirmed the signature was forged.

The Enforcement Directorate had already moved earlier this year: in January it attached a ₹40.57-crore DLF Camellias apartment registered in Capbridge Ventures LLP’s name and ₹14.28 crore in bank balances, alleging diversion of public-lender EV funds through Gensol, BluSmart and Go Auto. 

The allegations are now no longer merely a SEBI or lender-accounting controversy. With a formal CBI FIR, the ₹672-crore Gensol–IREDA exposure has entered the criminal-investigation arena.