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The Enforcement Directorate (ED) has provisionally seized two ultra-luxury apartments in Gurugram valued at a combined INR 73 crore as part of an expanding money-laundering investigation linked to the Gensol Group and its associated entities. The properties, located in the high-end residential complexes DLF Camellias and DLF The Magnolias, were attached under the Prevention of Money Laundering Act (PMLA) on allegations that the group's promoters diverted public funds and grants for personal enrichment. One apartment, registered to a Gensol Group company, is valued at about INR 40.57 crore, while the other, held by an associated firm, is worth around INR 32.28 crore. Alongside the properties, the ED has also frozen over INR 14 crore in bank balances held across group-related accounts. The action follows multiple First Information Reports (FIRs) filed by law enforcement agencies, including the Economic Offences Wing of the Delhi Police and the Central Bureau of Investigation, in connection with alleged criminal conspiracies involving diverted loans and state-backed grant funds.
In a significant development in one of India's high-profile money-laundering investigations, the Enforcement Directorate (ED) has provisionally attached luxury residential assets in Gurugram worth approximately INR 73 crore, as part of its ongoing probe into alleged financial irregularities involving the Gensol Group and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The attached properties comprise two ultra-luxury apartments in Gurugram's top-end residential addresses DLF Camellias and DLF The Magnolias which investigators say were acquired with funds that were diverted from their stated purposes. Advertisement
The first of the attached properties, Apartment No. CM 706-A in DLF Camellias, is registered in the name of Capbridge Ventures LLP, a company associated with the Gensol Group. The ED has valued this luxury unit at around INR 40.57 crore, and alleges that it was procured through a complex diversion of funds originally sanctioned for legitimate business expansion. Alongside the property, the agency has also frozen bank balances totalling over INR 14 crore held in various Gensol Group accounts as part of the ongoing investigation.
In a separate case, the ED issued another provisional attachment order for Apartment No. 1516B at DLF The Magnolias, registered in the name of Anvi Power Investment Pvt Ltd, an entity linked to the group. This property, valued at about INR 32.28 crore, is also alleged to have been acquired using diverted funds. The ED's action follows a detailed investigation into separate FIRs filed by both the Economic Offences Wing (EOW) of the Delhi Police and the Central Bureau of Investigation (CBI) involving allegations of criminal conspiracy, diversion of loans and misappropriation of government grants.
The probe against the Gensol Group encompasses multiple strands. In one, the ED is examining alleged loan diversions involving Gensol Engineering Ltd, BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd and other related entities. According to the agency, public funds sanctioned by government-linked lenders including the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC) as well as by financial institutions such as Toyota Financial Services India Ltd, were purportedly sanctioned for expanding electric vehicle operations. Investigators allege these funds were instead funnelled through a network of group companies before being deployed for personal enrichment, such as the purchase of high-value residential assets.
Another facet of the investigation involves allegations that grants released under the National Green Hydrogen Mission, originally intended for pilot projects in the steel sector undertaken by Matrix Gas and Renewables Ltd, another Gensol Group affiliate, were similarly diverted and layered through corporate structures, ultimately being used to acquire luxury property. Both strands of investigation have resulted in provisional attachment orders under PMLA for the identified assets.
The ED's attachment orders are part of broader enforcement actions taken amid increasing scrutiny of the Gensol Group's financial conduct. Earlier regulatory interventions included market bans imposed by the Securities and Exchange Board of India (SEBI) on the Jaggi brothers, which led to their removal from directorial roles and the eventual cessation of operations by affiliated entities such as BluSmart Fleet Pvt Ltd. Investigators say that the alleged diversion of funds contributed to the group's loan accounts being classified as non-performing assets (NPAs), resulting in losses for public lenders and financial institutions.
The provisional attachment orders freeze the identified properties and funds pending further adjudication under the PMLA framework. Should the agency's findings be upheld through legal process, these assets could ultimately be confiscated as proceeds of crime. The ED's action underscores the increasing enforcement focus on complex financial crimes involving layered corporate structures, diversion of public funds and acquisition of high-value real estate as alleged instruments of laundering.
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