The CBI has registered a formal case against the founders of Gensol Engineering and BluSmart over an alleged financial loss of ₹672 crore to the Indian Renewable Energy Development Agency (IREDA).
The investigation centers on allegations that loan funds provided by IREDA were diverted, leading to significant financial irregularities involving the Jaggi brothers and associated entities.
This legal action follows a probe into the misuse of renewable energy financing, with the CBI now examining the flow of funds and the specific mechanisms used to bypass loan covenants.