SEBI Cracks Down on Gensol, BluSmart Founders for Fund Misuse and Governance Lapses

SEBI issued an interim order restraining Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of Gensol Engineering Ltd. and co-founders of BluSmart, from accessing the securities market and from acting as directors or key managerial personnel in any listed company.

SEBI's investigation revealed that ₹262 crore from loans intended for procuring 6,400 electric vehicles for BluSmart were diverted for personal expenses, including a ₹43 crore luxury apartment and a ₹26 lakh golf set. Only 4,704 EVs were reportedly acquired.

SEBI flagged serious financial irregularities and directed a forensic audit to examine the alleged misappropriation of corporate funds.

Following the order, BluSmart suspended operations in major cities and is reportedly considering transitioning to a fleet partnership model with Uber.