IREDA says ₹672.74 crore is the hole. CBI has opened an FIR, not a conviction.

The Central Bureau of Investigation has put a renewable-energy lender’s complaint into an FIR. The lender is the Indian Renewable Energy Development Agency. The companies are Gensol Engineering Ltd and Gensol EV Lease Ltd. The named promoters include BluSmart’s co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi. The alleged hole is ₹672.74 crore in principal. Wednesday, 19 August 2026, is the FIR day. It is not a conviction day.

IREDA’s split is specific. ₹453.77 crore principal outstanding on Gensol Engineering. ₹218.97 crore on Gensol EV Lease. Together, ₹672.74 crore. Interest is excluded. A reader who adds interest on top of that total is writing a number IREDA has not written on this card.

The loans, IREDA says, were for procuring electric vehicles to be leased to BluSmart, and for solar engineering, procurement and construction. They were secured by hypothecation of vehicles and by a charge on lease rentals. Security is a legal comfort. It is not, on these facts, a comfort that held the whole principal. IREDA has already recovered ₹106.71 crore from securities — ₹79.38 crore from Gensol Engineering and ₹27.33 crore from Gensol EV. Recovered is a smaller verb than lent.

The FIR is booked under Bharatiya Nyaya Sanhita heads of criminal conspiracy, cheating, forgery for cheating, and using a forged document or electronic record as genuine. Those are the offence labels. They are the CBI’s opening, not a trial court’s closing.

IREDA has alleged that forged letters, purportedly from IREDA, were given to credit-rating agencies on loan status and on rating withdrawal. IREDA says it did not issue them. A letter that uses a lender’s name without the lender’s hand is the forgery sentence in this file. This desk will not invent the rating agency’s name or the date on those letters. The card does not give them.

SEBI investigations, the card says, flagged alleged fraud and misappropriation of IREDA funds. SEBI is a market regulator. Its flag is not the CBI FIR, and the FIR is not a SEBI order. They sit in the same complaint weather.

Fifteen banks and financial institutions, including Power Finance Corporation, Canara Bank, HDFC/IDFC Bank and ICICI Bank, had also lent to Gensol Engineering. IREDA is the complainant in this FIR. It is not, on these facts, the only lender in the room.

A forensic audit, the allegation runs, showed funds moved to related entities as loans, advances or repayments, and not for the sanctioned use. Related entities is a wide phrase. The card does not list them. This desk will not build that list from memory.

Corporate insolvency resolution is already before the National Company Law Tribunal. BluSmart had already suspended ride-hailing in Delhi-NCR, Bengaluru and Mumbai. The taxi app’s pause and the lender’s FIR are not the same event. They are two public facts in the same company group. A suspended cab in three cities does not prove a forged letter. A forged-letter allegation does not, by itself, restart a cab.

20 August papers carried the FIR. The registry day is Wednesday the 19th. Promoters and others are in the accused line. “Others” is a word this desk will leave as others.

What this file is not is a finished criminal trial. What it is: an IREDA complaint, a CBI FIR, four BNS heads, a principal of ₹672.74 crore, a recovery of ₹106.71 crore from securities, a SEBI flag, a forensic-audit allegation of diversion, fifteen other lenders in the engineering company, CIRP at NCLT, and a ride-hailing pause in three cities. Until a court writes guilt, those are the only numbers and names this desk will keep in one place.