Gensol Promoters Face CBI Heat, ₹453 Crore IREDA Loss Alleged In Fund Diversion Case

New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Gensol Engineering Ltd, its promoters Anmol Singh Jaggi and Puneet Singh Jaggi, and others over alleged diversion of loan funds.

The case follows a complaint from state-owned Indian Renewable Energy Development Agency Ltd (IREDA), which had extended loans for the purchase of electric vehicles (EVs).

According to a Hindustan Times report, the CBI registered the first information report (FIR) on July 31, nearly three months after IREDA filed its complaint against Gensol Engineering and unidentified persons.

The allegations centre on the use of funds raised for buying electric vehicles. Investigators are examining whether the money was used for purposes other than those for which the loans were sanctioned.

The CBI FIR states that IREDA allegedly suffered a loss of ₹453 crore, including outstanding amounts as of June 30, 2026, on loans given to Gensol Engineering and related entities.

IREDA has alleged forgery, misrepresentation and submission of false information by Gensol to credit rating agencies concerning loans sanctioned for electric vehicles.

The agency has also alleged that funds were diverted from their approved purpose.

The Enforcement Directorate (ED) is separately investigating the matter under the Prevention of Money Laundering Act (PMLA).

The ED investigation was earlier being handled by the Economic Offences Wing of Delhi Police before the federal agency took up the matter.

Gensol and its promoters have also faced scrutiny from the Securities and Exchange Board of India (SEBI) over alleged diversion of company funds.

The latest CBI action adds another investigation to the regulatory and legal challenges surrounding the company and its promoters.

According to the report, an email sent to Gensol seeking its response to the CBI FIR remained unanswered.