The Enforcement Directorate (ED) on Monday said it has attached assets worth more than ₹86 crore, including two high-value apartments in Gurugram’s premium residential complexes, in an ongoing money laundering investigation against the Gensol Group. The group is promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi. In addition to the real estate assets, the federal agency has also frozen bank balances worth ₹14.28 crore held in various Gensol group companies.

The attachments have been made under the Prevention of Money Laundering Act (PMLA) as part of two separate but related investigations involving multiple group entities. According to the ED, the cases stem from first information reports (FIRs) filed by the Delhi Police and the Central Bureau of Investigation (CBI), alleging large-scale diversion and misuse of public funds and government grants.

In its first statement, the ED said the attachment relates to its probe against Gensol Engineering Ltd (GEL) and BluSmart Fleet Pvt Ltd, along with other associated entities and individuals. The investigation is based on FIRs registered by the Delhi Police against GEL and BluSmart Fleet. Apart from these companies, the probe also covers the Jaggi brothers, Go Auto Pvt Ltd (GAPL) and its promoter Ajay Agarwal.

As part of this case, the ED has provisionally attached an apartment located at DLF Camellias in Gurugram. The property, identified as apartment number CM 706-A, is registered in the name of Capbridge Ventures LLP, a company linked to the Gensol Group. The agency said the apartment is valued at ₹40.57 crore. Along with this property, bank balances amounting to ₹14.28 crore lying in different accounts of Gensol group companies have also been attached.

According to the ED, its investigation has revealed that Gensol Engineering Ltd and BluSmart Fleet Pvt Ltd allegedly entered into a criminal conspiracy with Go Auto Pvt Ltd to divert loan funds obtained from public financial institutions. The loans were sanctioned by Power Finance Corporation (PFC), Indian Renewable Energy Development Agency Limited (IREDA), and non-banking financial company Toyota Financial Services India Ltd. These funds were ostensibly disbursed for the expansion of an electric vehicle fleet and related renewable energy initiatives.

However, the ED claimed that instead of being utilised for their stated purpose, the loan amounts were systematically siphoned off. The agency alleged that the funds were routed through GAPL and then moved through a complex web of layered transactions across multiple group companies. This, it said, was done to conceal the trail of money and to divert the funds for other business activities of the Gensol Group as well as for the personal enrichment of its promoters.

“This diversion of loan funds has led to the accounts of Gensol becoming non-performing assets (NPAs) and has caused significant losses to public sector undertakings IREDA and PFC, as well as to Toyota Financial Services India Limited,” the ED said. It added that the total outstanding amount of loans taken by Gensol Engineering Ltd from IREDA and PFC stood at ₹505.27 crore as of December 2025.

The agency further alleged that Anmol Singh Jaggi, with the assistance of co-conspirator Ajay Agarwal, diverted part of these loan funds to acquire luxury residential property at DLF Camellias in Gurugram. Since the apartment was allegedly purchased using proceeds of crime, it has been attached under the provisions of the PMLA.

In a separate statement issued on the same day, the ED detailed another attachment made in connection with its probe against Matrix Gas and Renewables Ltd, another company linked to the Gensol Group. This case is based on an FIR registered by the CBI following a complaint filed by government enterprise MECON Ltd.

In this matter, the ED said it has attached an apartment located at DLF Magnolias in Gurugram. The property, identified as apartment number 1516B at DLF City Phase-V, is registered in the name of Anvi Power Investment Pvt Ltd. According to the agency, the apartment is valued at ₹32.28 crore.

The ED alleged that this property was acquired by Anmol Singh Jaggi, who served as chairman of the Gensol Group, using funds that were illegally diverted from Matrix Gas and Renewables Ltd. The agency said the funds used to purchase the apartment constitute proceeds of crime, making the property liable for attachment.

The investigation into Matrix Gas and Renewables Ltd relates to the implementation of pilot projects under the National Green Hydrogen Mission (NGHM). The ministry of new and renewable energy had allocated government funds for pilot projects aimed at using green hydrogen in iron and steel manufacturing processes. These projects were to be implemented through the ministry of steel.

For the execution of the pilot projects, the ministry of steel appointed MECON Limited as the scheme implementing agency. Matrix Gas and Renewables Ltd emerged as the successful bidder for one of the projects. As part of the funding mechanism, 20% of the approved government grant was disbursed to the company, amounting to ₹32.28 crore.

According to the ED, instead of utilising the grant for the approved pilot project, Matrix Gas and Renewables Ltd allegedly diverted the entire amount. The agency claimed that the funds were routed through a series of layered transactions involving multiple corporate entities under the control of Anmol Singh Jaggi. This was allegedly done to obscure the source of the funds before they were ultimately used for the personal enrichment of the promoters and for other activities of the Gensol Group.

“Instead of using the disbursed public funds for the pilot project, Matrix dishonestly and fraudulently diverted the entire amount through a series of layered transactions across a web of corporate entities,” the ED said. It added that the funds were finally utilised to acquire the apartment at DLF Magnolias, making it a direct product of the alleged money laundering activity.

The ED’s action marks a significant escalation in the investigations against the Gensol Group and its promoters. By attaching high-value real estate assets and freezing bank balances, the agency has moved to secure what it believes are proceeds of crime, pending the outcome of further investigation and judicial proceedings.

The cases also underline the agency’s focus on alleged misuse of public funds and government-backed financial support, particularly in sectors such as renewable energy and electric mobility that have been prioritised by the government. The ED has said that its investigation in both matters is ongoing and that further action will be taken based on the evidence that emerges.