The Enforcement Directorate (ED) said on January 19 that it has attached assets worth over ₹86 crore, including two apartments in Gurugram’s ultra-luxury residential projects – The Camellias and The Magnolias – as part of its money laundering probe against the Gensol Group, promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi.
The federal financial crimes probe agency is investigating two separate Gensol Group companies based on two first information reports (FIRs) filed by the Delhi Police against Gensol Engineering Ltd (GEL) and BluSmart Fleet Pvt Ltd; and the second FIR filed by the Central Bureau of Investigation (CBI) against another group firm – Matrix Gas and Renewable Limited (Matrix).
Anmol Singh Jaggi and Punit Singh Jaggi are the promoter duo of Gensol Group and BluSmart Mobility that ran BluSmart EV cabs in Delhi-NCR. The ride-hailing service shut down last year after the market regulator, Sebi, barred the two promoters from the securities market on allegations of loan fraud.
The two ultra-luxury apartments in Gurugram
In the case of BluSmart, ED said in a statement that it has attached the “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”.
Besides this apartment, bank balances worth ₹14.28 crore lying in various Gensol group companies have also been attached under the Prevention of Money Laundering Act (PMLA), ED said in a statement.
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Jaggi purchased the 7,430 sq ft apartment in The Camellias for an agreement value of ₹37.92 crore, showed the sale deed accessed by CRE Matrix, a real estate data analytics firm. The registration of the property, whose purchase was executed by Capbridge Ventures LLP, Anmol and brother Puneet Singh Jaggi are designated partners, was done on August 4, 2023.
A stamp duty of ₹2.65 crore was paid for the transaction and payment for the unit was made on September 30, 2022, the documents showed.
The apartment came with four car parking slots, the documents showed.
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Spread across 17.5 acres, The Camellias redefines luxury living—offering the experience of a seven-star hotel, 24/7, all year round. It’s home to some of India’s most successful individuals, industrialists, CXOs, startup founders, and members of Delhi’s elite, many of whom have traded sprawling kothis for these expansive, nearly 10,000 sq ft apartments in the city’s upscale suburbs.
The ED said on Jan 19 that Jaggi, with the help of “co-conspirator” Ajay Agarwal, who is the promoter of Go Auto Pvt Ltd, “diverted” loan funds to procure this asset.
In the case of Matrix, ED said it attached the “apartment number 1516B, The Magnolias at DLF City Phase-V, Gurugram, registered in the name of Anvi Power Investment Pvt Ltd. worth Rs. 32.28 crore”.
This property was “acquired” by Jaggi, chairman and key promoter of the Gensol group, by utilising the funds “diverted” from Gensol group company Matrix Gas and Renewables Ltd, the ED statement said.
According to local brokers, the apartment spans about 6,400 sq ft and is currently valued at around ₹50 crore. The Magnolias is an ultra-luxury residential project that was launched ahead of The Camellias.