India, Aug. 22 -- The CBI has registered an FIR against Gensol Engineering, Gensol EV Lease, and BluSmart founders Anmol Singh Jaggi and Puneet Singh Jaggi over the alleged diversion and misappropriation of loans extended by state-run IREDA.

Anmol and Puneet Jaggi, who founded Gensol Engineering in 2007, also cofounded EV ride-hailing startup BluSmart. The startup was initially incorporated as Gensol Mobility in October 2018 before being renamed Blu-Smart Mobility the following year.

BluSmart suspended its cab-booking services on April 16 amid the widening crisis at Gensol. Its app subsequently stopped working on both Android and iOS, months after the startup halted its operations.

The CBI's Anti-Corruption Branch in New Delhi register...