Many cities lost access to ride-hailing service BluSmart after SEBI discovered Anmol Singh Jaggi and Puneet Singh Jaggi transferred EVS purchase funds to buy a Gurugram luxury apartment. The residence exists in The Camellias elite residential development of real estate company DLF according to news agency PTI.
SEBI issued an order to both Jaggi promoters which included market access suspension without specifying any other notice period according to Reuters.
What SEBI said?
The Securities and Exchange Board of India (SEBI) published an interim order dated April 15 which accuses Anmol Singh Jaggi and Puneet Singh Jaggi as promoters of Gensol Engineering Limited (GEL) of transferring funds from electric vehicle (EV) procurement to buy a luxury apartment in Gurugram.
The property exists within DLF’s luxury residential development The Camellias according to news agency PTI. SEBI filed a complaint against The Camellias prominent residential complex in Gurugram as per notification from news agency PTI.
SEBI took an action to prevent both founders from accessing the securities market without specific notice.
The Gensol connection
Gensol obtained financial loans to acquire EVS vehicles specifically for BluSmart but disregarded this purpose to buy a luxurious Gurugram property. The investigation showed money transfers within multiple business entities before part of the funds ended up in personal accounts of the individuals involved.
SEBI reports that Gensol obtained financing through loans to acquire EVS followed multiple transaction steps until it was used for purchasing an upscale flat in The Camellias Gurugram through a firm that had the MD of Gensol and his brother as designated partners.
Jasminder Kaur the mother of Anmol Singh Jaggi paid DLF an initial Rs 5 crore advance which came from Gensol according to the regulator. The return payment from DLF proceeded to a different party instead of Gensol even though the funds originated from a previous advance.
Gensol obtained Rs 978 crore worth of public sector loans from Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC) throughout 2021 to 2024. A total of Rs 664 crore from the funding was allocated to buy 6,400 EVS for subsequent leasing to BluSmart.
Gensol announced to the market through regulatory filings in February 2025 that it obtained 4,704 EVS rather than the initially planned 6,400 units. The EV supplier Go-Auto confirmed this financial information showing that the vehicle cost Rs 568 crore but remained silent about the unexplained amount of Rs 262 crore.
The SEBI investigation discovered that some loan funds went to Capbridge Limited before they paid DLF 42.94 crore towards apartment acquisition. A documentation from DLF establishes that the property possesses registration in a firm whose designated partners include both Jaggi brothers.
After the revealing news reached the market Gensol Engineering’s share value decreased 5% on the National Stock Exchange (NSE) when it hit the daily limit at Rs 122.68.
All About BluSmart
BluSmart Mobility faces financial problems as an electric vehicle-based ride-hailing startup that holds connections to the Jaggis. Media sources have revealed that the company faces an issue with its March salary disbursement. The company co-founder Anmol Singh Jaggi wrote to employees in a private email that BluSmart Mobility would pay all outstanding amounts by April’s end according to the IANS article.
At present BluSmart faces cash flow problems leading to delayed salary payments for the ongoing month. An internal email declared that all outstanding payments would be resolved completely during the month of April according to reported records.
BluSmart halts cab bookings in Bengaluru amidst SEBI probe into financial irregularities
Moneycontrol reporting indicates that the electric cab provider BluSmart operated in Bengaluru before pausing all its operations in this particular city.
Users cannot schedule rides through the Play Store app as the service remains suspended because both date and time selection options have become disabled. Users across Delhi-NCR region face the same functional problem that disrupts their ability to use BluSmart services.
The parent company Gensol Engineering Ltd (GEL) faces severe inspection by Securities and Exchange Board of India (SEBI) regarding suspected financial wrongdoing while its subsidiary BluSmart continues to suspend operations in Bengaluru according to Moneycontrol.
SEBI issued an interim order to allege that promoters Anmol Singh Jaggi and Puneet Singh Jaggi have operated the publicly listed company like their personal business.
The independent investigation by SEBI discovered how operating funds from business dealings ended up in personal luxury expenses of the promoters. The funds were used for acquiring a luxury apartment at The Camellias in DLF Gurgaon and an expensive golf set along with personal credit card payments. Reports show that promoter relatives received money from corporate funds.
SEBI directs attention to improper utilization of term loans obtained from the state-funded institutions IREDA and PFC. Gensol received ₹977.75 crore funds where ₹663.89 crore was dedicated to buy 6,400 electric vehicles. BluSmart operated as a related entity which was supposed to receive the EVs that Gensol procured.
SEBI identified a major interpretation problem with how this strategy was actually implemented. Gensol made a confession to SEBI through its February response that its acquired EV total reached only 4,704 units versus the planned fund-receiving goal of procuring 6,400 units.
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