A public renewable-energy lender says it is down ₹672.74 crore. CBI has now named the Gensol and BluSmart founders.

The alleged loss to the public renewable-energy lender is ₹672.74 crore. The Central Bureau of Investigation has registered a first-information report that names the Gensol companies and their promoters.

The case, as put on the public card for New Delhi, is against Gensol Engineering Limited, Gensol EV Lease Limited, its promoters and others. They are accused of allegedly causing that ₹672.74 crore loss to the Indian Renewable Energy Development Agency Limited. Named in the first-information report are Anmol Singh Jaggi and Puneet Singh Jaggi, co-founders of BluSmart and of Gensol Engineering. Those are FIR names. They are not convictions. This desk will keep every rupee and every name on this page labelled as allegation.

The Indian Renewable Energy Development Agency’s complaint to the Central Bureau of Investigation breaks the alleged principal into two lines, excluding interest. ₹453.77 crore is the alleged principal outstanding on Gensol Engineering. ₹218.97 crore is the alleged principal on Gensol EV Lease Limited. Add those two principal lines and the public figure is ₹672.74 crore. This desk will not invent an interest column the complaint has not put on this card, and it will not collapse the two companies into one unaudited total beyond what the complaint already adds.

The lender’s purpose for the finance, on the same account, was electric-vehicle procurement and solar engineering, procurement and construction. The loans were secured by hypothecation of the vehicles bought with the disbursed funds and by a charge on lease rentals from the lessee. A hypothecation and a rental charge are security sentences. They are not a finding that the security still covers the outstanding. That is for the investigation and the insolvency court to test.

What moved the file into the Central Bureau of Investigation’s paper, the public account says, was later Securities and Exchange Board of India investigation work that revealed alleged fraudulent activities by the borrower and associated entities, including alleged misappropriation of Indian Renewable Energy Development Agency funds. Those are SEBI-investigation sentences as restated on this card. They are not a market regulator’s final order reprinted here, and they are not a trial finding.

The first-information report also widens the money map beyond one lender. Apart from the Indian Renewable Energy Development Agency, fifteen banks and financial institutions — including the Power Finance Corporation, Canara Bank, HDFC Bank and ICICI Bank — had granted loans to Gensol Engineering. Fifteen is a count of other lenders named in the FIR. This desk will not invent a combined exposure for those fifteen, because that sum is not on this tip.

Separately, a Corporate Insolvency Resolution Process for the borrower is ongoing at the National Company Law Tribunal. An insolvency process is a court-supervised rescue or resolution. It is not a criminal conviction. The criminal paper and the insolvency paper can run together. This desk will not pretend one has answered the other.

New Delhi is the dateline. The Indian Renewable Energy Development Agency is a public renewable-energy lender. BluSmart and Gensol sit on the same promoter names in the FIR. This desk will not invent a vehicle count, a charging-station address, a lease-rental schedule, or a defence quotation nobody on this card has locked. It will not put a photograph of the Jaggi brothers on an Investigate page.

Until a court writes, the public ledger is a Central Bureau of Investigation first-information report, an alleged ₹672.74 crore loss to a public lender, two principal lines of ₹453.77 crore and ₹218.97 crore excluding interest, finance for electric vehicles and solar engineering-procurement-construction secured by hypothecation and lease rentals, Securities and Exchange Board of India investigation flags restated as alleged fraud and misappropriation, fifteen other banks and financial institutions on the FIR list, and an insolvency process still open at the National Company Law Tribunal. Every line remains allegation. The conviction is not yet written.