ED attaches Anmol Singh’s houses in DLF Camellias, Magnolias
The Enforcement Directorate (ED) on Monday said it has attached two luxury apartments of Gensol Group and Bluesmart Mobility promoter Anmol Singh Jaggi worth about Rs 73 crore in total as part of two money laundering cases.
The ED also attached bank deposits worth Rs 14.28 crore of various Gensol group companies as part of a provisional order issued for all these properties under the Prevention of Money Laundering Act (PMLA).
Anmol Singh Jaggi and Punit Singh Jaggi are the promoter duo of Gensol Group and BluSmart Mobility that ran BluSmart EV cabs in Delhi-NCR.
The ride-hailing service shuttered last year after market regulator Sebi barred the two promoters from the securities market on allegations of loan fraud.
The first residential unit has been identified by the federal probe agency in a statement as being located at DLF Camellias and is registered in the name of Capbridge Ventures LLP (Gensol Group company). It is worth Rs 40.57 crore.
The agency said Jaggi, with the help of “co-conspirator” Ajay Agarwal, who is the promoter of Go Auto Pvt Ltd, “diverted” loan funds to procure this asset.
The second property is located at The Magnolias, DLF City Phase-V at Wazirabad in Gurugram and registered in the name of Anvi Power Investment Pvt Ltd. The apartment is worth Rs 32.28 crore, the ED said.
This property was “acquired” by Jaggi, chairman and key promoter of the Gensol group, by utilising the funds “diverted” from Gensol group company Matrix Gas and Renewables Ltd, it said.
The investigation in the first case stems from two FIRs registered by the EOW of Delhi Police against Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Ajay Agarwal and Go Auto Pvt Ltd, Anmol Singh Jaggi and Punit Singh Jaggi and some others.
The ED claimed that its probe found that Gensol Engineering and its associated group entity BluSmart Fleet collaborated with Go Auto Pvt in a criminal conspiracy to divert public funds disbursed as loans from public lenders (IREDA and PFC) and NBFCs (Toyota Financial Services India Ltd) under the guise of expanding their electric vehicle fleet. The companies, as per the ED, funnelled these loan funds through Go Auto Pvt Ltd (the authorised car dealer of Tata EV vehicles) and moved the same through a series of layered transactions across a web of group companies for the other business activities of Gensol group and for the promoters’ “personal enrichment”.
“This diversion of loan funds has led to the accounts of Gensol becoming NPAs and causing a loss to the Government PSUs, IREDA and PFC and to the NBFC Toyota Financial Services India,” the ED alleged.
