ED Attaches Rs. 86 Cr Assets in Gensol-BluSmart Probe

The Enforcement Directorate (ED) said on January 19 that it has attached assets worth over Rs. 86 crore as part of its ongoing money laundering investigation into the Gensol Group, promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi.

The attached assets include two ultra-luxury apartments in Gurugram’s DLF Camellias and DLF Magnolias, along with bank balances across group entities.

The probe relates to two separate FIRs—one filed by the Delhi Police against Gensol Engineering Ltd (GEL) and BluSmart Fleet Pvt Ltd.

Key Highlights

• ED attaches Rs. 86 crore assets in Gensol–BluSmart money laundering probe
• Luxury apartments in DLF Camellias and Magnolias seized
• Funds allegedly diverted from Gensol and Matrix group companies

The other filed by the Central Bureau of Investigation (CBI) against Matrix Gas and Renewable Limited, another Gensol Group firm.

The Jaggi brothers are also promoters of BluSmart Mobility, which operated BluSmart EV cabs in Delhi-NCR before shutting down last year after Sebi barred the promoters from the securities market over alleged loan fraud.

In the BluSmart-linked case, the ED attached Apartment CM 706-A at DLF Camellias, Gurugram, valued at Rs. 40.57 crore and registered in the name of Capbridge Ventures LLP, a Gensol Group entity.

The 7,430 sq ft apartment, purchased for an agreement value of Rs. 37.92 crore, was registered on August 4, 2023, with stamp duty of Rs. 2.65 crore paid. The unit includes four car parking slots. The ED alleged that loan funds were diverted with the help of co-conspirator Ajay Agarwal, promoter of Go Auto Pvt Ltd, to acquire the property.

Additionally, the ED attached Rs. 14.28 crore in bank balances under the Prevention of Money Laundering Act (PMLA).

In the Matrix case, the ED attached Apartment 1516B at DLF Magnolias, valued at Rs. 32.28 crore, registered under Anvi Power Investment Pvt Ltd.

Also Read: DLF Unveils Rs. 33,500 Cr Plan to Expand Luxury Homes and Prime Rentals

The agency said the 6,400 sq ft apartment, currently valued by brokers at around Rs. 50 crore, was acquired using funds diverted from Matrix Gas and Renewables Ltd. The Magnolias is an ultra-luxury residential project launched before The Camellias.