New Delhi, August 20: The Central Bureau of Investigation (CBI) has filed a First Information Report (FIR) against Janusol Engineering Limited, Janusol EV Lease Limited, and their promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, along with other unidentified individuals. This action is in connection with alleged loan diversion and embezzlement.
The FIR was registered by the CBI’s Anti-Corruption Branch in New Delhi based on a complaint from the Indian Renewable Energy Development Agency Limited (IREDA). The complaint alleges violations under sections 61(2), 318(a), 336(3), and 340(2) of the Indian Penal Code (IPC), 2023. The FIR was officially lodged on July 31, 2026.
According to the FIR, a forensic audit report commissioned by IREDA was submitted on January 20. The audit revealed numerous irregularities and misuse of funds related to financial transactions involving the borrowing companies and their promoters.
The complaint states that IREDA had approved a loan of ₹267.79 crore for the purchase of 3,000 electric vehicles by Janusol Engineering. However, the forensic audit indicated that only 1,549 vehicles were actually capitalized, with the actual purchase price estimated to be around ₹191.65 crore.
The audit also uncovered discrepancies in the invoices, CST records, insurance documents, and vehicle registration papers related to these purchases. The complaint suggests that these irregularities raise suspicions of fake or forged invoices, inflated purchases, and the diversion or embezzlement of loan amounts.
Furthermore, the complaint alleges that credit rating agencies CARE Ratings and ICRA were reportedly provided with fake letters purportedly issued by IREDA. IREDA clarified that these letters were not issued by its officials. A signature verification expert also confirmed that the signatures on the letters were forged.
Additionally, the complaint claims that ₹137.40 crore received from Mahajenko was not transferred through the designated Trust and Retention Account (TRA) but was instead used for non-project expenses and payments to related parties.
As of June 30, 2026, Janusol Engineering Limited owed ₹453.77 crore, and Janusol EV Lease Limited owed ₹218.97 crore in principal amount, excluding interest and other applicable charges. The investigation has been assigned to Deputy Superintendent of Police Chandan Kumar Singh from the CBI’s Anti-Corruption Branch, and further inquiries are ongoing.
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