What actions has the ED taken against the Gensol Group?

The ED has provisionally attached a luxury apartment and bank balances totaling over Rs 54 crore as part of a money laundering investigation.

What is the Gensol Group accused of doing?

The Gensol Group is accused of diverting public funds obtained as loans, causing them to become non-performing assets and leading to losses for lenders.

Which lenders were affected by the Gensol Group's alleged actions?

Lenders significantly impacted include IREDA, PFC, and Toyota Financial Services India Ltd.

Home / Crime and Justice / ED Seizes Luxury Flat in Rs 54 Crore Money Laundering Case

ED Seizes Luxury Flat in Rs 54 Crore Money Laundering Case

19 Jan

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Summary

Luxury apartment in Gurugram seized by ED under PMLA.
Over Rs 54 crore in assets, including a Rs 40.57 crore apartment, attached.
Probe initiated based on FIRs alleging diversion of Rs 505 crore loans.

ED Seizes Luxury Flat in Rs 54 Crore Money Laundering Case

The Enforcement Directorate (ED) has attached a luxury apartment in Gurugram's DLF The Camellias, valued at Rs 40.57 crore, along with Rs 14.28 crore in bank balances. These assets, totaling over Rs 54 crore, are linked to the Gensol Group and are provisionally seized under the Prevention of Money Laundering Act (PMLA) due to alleged financial irregularities.

The investigation stems from FIRs registered by the Delhi Police, accusing Gensol Engineering Ltd and its associates of criminal conspiracy. The ED alleges that funds from government-backed lenders like IREDA and PFC, intended for expanding an electric vehicle fleet, were diverted through a network of companies, including Go Auto Pvt Ltd.

This alleged diversion resulted in loan accounts becoming non-performing assets, causing substantial losses to the lenders, with Gensol Engineering Ltd owing Rs 505.27 crore as of December 2025. The luxury apartment was reportedly acquired using a portion of these diverted funds, and further investigation into alleged benami entities and employee accounts is ongoing.