ED Attaches ₹40 Crore DLF Camellias Flat in BluSmart Money Laundering Case
The Enforcement Directorate has provisionally attached assets worth over ₹86 crore, including a luxury DLF Camellias apartment, in its money laundering probe against Gensol Group and BluSmart.
Key Facts
| Detail | Value |
|---|---|
| Deal size | ₹40 |
| Headquarters | Delhi, India |
| Sector | Blusmart |
| Coverage | Startup News |
The Enforcement Directorate (ED) has attached assets worth over ₹86 crore including two luxury apartments in Gurugram's prestigious DLF Camellias and Magnolias projects in its money laundering probe against the Gensol Group, promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi.
The Attachment
ED has attached apartment number CM 706-A in DLF Camellias, Gurugram, registered in the name of Capbridge Ventures LLP (a Gensol Group company), worth ₹40.57 crore. Additionally, bank balances worth ₹14.28 crore lying in various Gensol group companies have been attached under the Prevention of Money Laundering Act (PMLA).
Key details:
The Alleged Conspiracy
According to ED's investigation, Gensol Engineering Ltd (GEL) and BluSmart Fleet Pvt Ltd allegedly collaborated with Go Auto Pvt Ltd (GAPL) in a criminal conspiracy to systematically divert public funds. These funds were disbursed as loans from:
The loans were allegedly obtained under the guise of expanding their electric vehicle fleet but were funneled through layered transactions for other business activities and personal enrichment of the promoters.
The Damage
The diversion of loan funds has led to:
Key Accused
The investigation involves:
Second Attachment
In a related case involving Matrix Gas and Renewables Ltd (another Gensol Group company), ED attached apartment number 1516B at The Magnolias, DLF City Phase-V, Gurugram, worth ₹32.28 crore. This property was allegedly acquired using funds diverted from Matrix Gas.
The case highlights the risks of corporate fraud in the fast-growing EV sector and the regulatory scrutiny that high-profile startups face.
Reported by Ananya Raghavan. Spotted an error in this story? Request a correction or email corrections@startupory.com. See our editorial policy.
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