CBI FIR names BluSmart founders in Rs 672 Cr IREDA case

The Central Bureau of Investigation has registered an FIR against BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi, along with Gensol Engineering and Gensol EV Lease. The agency’s Anti-Corruption Branch registered it on 31 July 2026.

The complaint behind it was filed on 23 July by Jagdeep Singh, a general manager at the Indian Renewable Energy Development Agency.

The FIR alleges loan diversion and misappropriation. It further alleges the submission of forged letters to the credit rating agencies CARE Ratings and ICRA, the misuse of about Rs 290.76 Cr across multiple loan accounts, and irregularities in EV purchases, solar projects and fund transfers.

IREDA claims Rs 672.74 Cr of principal outstanding across two entities. Gensol Engineering accounts for Rs 453.77 Cr and Gensol EV Lease for Rs 218.97 Cr. The two components add up to the headline figure exactly.

The FIR is registered under Sections 61(2), 318(4), 336(3) and 340(2) of the Bharatiya Nyaya Sanhita. Everything set out above is an allegation contained in an FIR. The case is under investigation and nothing has been established in court.

The operator read

Leave the case to the process. The transferable point sits in the subject matter of the allegations, which is lender communication. Rating agency letters and loan account end use are diligence surfaces most founders never think about until they are raising debt.

Equity diligence looks at your cap table and your numbers. Debt diligence looks at your covenants. End use restrictions on borrowed money. The certificates your finance head signs each quarter. The letters finance sends a rating agency. The reconciliation between what a facility was drawn for and where the money actually went. Every one of those is a document someone can pull years later. If you are shifting from equity to debt, put a second pair of eyes on every lender communication before it leaves the building, and keep the end use trail intact from day one.