BluSmart Co-Founder Puneet Jaggi
The luxury expenses that caught SEBI’s attention included purchasing expensive golf equipment together with luxurious apartments and paying substantial credit card bills by using company loans that were specifically intended for green energy and electric mobility programs.
SEBI’s Damning Findings
The Jaggi brothers face severe criticism from SEBI, which shows evidence that their control of Gensol Engineering violated company governance practices and transformed it into a personal enterprise. Such improper fund utilization threatens to cause substantial write-offs that will negatively affect PFC and IREDA and their investors.
Gensol Engineering, a publicly listed firm on both the BSE and NSE, has built its name in solar consulting, EPC projects, and electric vehicle leasing. Howe The Enforcement Directorate (ED) carried out an arrest of BluSmart Co-Founder Puneet Jaggi, who co-founded BluSmart Mobility, after finding evidence of financial misconduct at Gensol Engineering Ltd. and the company he co-established with his brother.
The Enforcement Directorate initiated its apprehension of Puneet Jaggi after SEBI found evidence showing corporate misgovernance and fund diversion together with public funds misuse. Administrative officials of the ED arrested Jaggi while he stayed at a Delhi hotel during multiple property raids targeting Gensol locations across Delhi, Gurugram, and Ahmedabad.
What Triggered the ED Action?
Gensol Engineering received its founding from Puneet Jaggi alongside his brother Anmol Singh Jaggi but now faces legal action from the Securities and Exchange Board of India (SEBI) investigation. Gensol obtained significant debt from Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency (IREDA) to acquire electric vehicles together with funding for EPC (Engineering Procurement Construction) contracts.
The funds originating from loan commitments were purposefully routed to luxury asset acquisitions and improper personal expenditures and the foundation of nonexistent companies throughout India and international territory. A money laundering case will be filed by the ED after the Economic Offences Wing of Delhi Police issues an FIR.
BluSmart Services Affected
BluSmart Mobility stopped all booking operations in its EV-based cab service areas of Delhi-NCR and Bengaluru and Mumbai after this recent development. SEBI’s order restricts the Jaggi brothers from entering the securities market through a bar while affecting the investor sentiment directed at Gensol and related companies.
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Widening the Investigation Net
As per sources, Anmol Jaggi continues to reside in Dubai, while the spouses of the Jaggi brothers are currently based in Pune, Maharashtra. Meanwhile, Enforcement Directorate (ED) teams carried out inspections at upscale properties in The Camellias, Gurugram, which were reportedly purchased using misappropriated corporate funds. The investigation also points to the involvement of Ajay Aggarwal from Go Auto Pvt Ltd, a Tata electric vehicle distributor, who is suspected to have played a role in facilitating the diversion of sanctioned loan amounts.
ver, the unfolding controversy has cast a shadow over its business operations and now risks shaking investor confidence in India’s rapidly growing clean energy and EV ecosystem.
