BluSmart Co-Founder Puneet Jaggi Detained By In FEMA Case | Economic system Information
New Delhi: The Enforcement Directorate (ED) has detained BluSmart co-founder Puneet Jaggi from a Delhi resort, after the company carried out raids in a case associated to Gensol Engineering Ltd.
The raids have been carried out at firm’s workplaces in Delhi, Gurugram, and Ahmedabad below the International Trade Administration Act (FEMA).
The ED is investigating Gensol promoter brothers Anmol Singh Jaggi and Puneet Singh Jaggi after a SEBI report accused them of monetary irregularities, company misgovernance and fund diversion.
Gensol was but to concern a press release.
Earlier, government-owned Energy Finance Company Ltd (PFC) filed a grievance with the Delhi police in opposition to Jaggi brothers-promoted Gensol Engineering Ltd for allegedly submitting false paperwork to take loans for getting electrical automobiles (EVs).
“PFC has filed a grievance with the Financial Offences Wing of the Delhi police regarding the issuance of falsified paperwork. PFC is dedicated to safeguarding its pursuits and guaranteeing the restoration of its mortgage whereas upholding transparency in its operations,” the general public sector monetary firm stated in a press release.
Gensol, the mum or dad firm of all-electric car (EV) app BluSmart which was offering inexperienced cab companies, allegedly solid letters from its two lenders — PFC and Indian Renewable Vitality Improvement Company Ltd (IREDA) — to indicate that it was servicing its debt repeatedly. Nonetheless, the declare was uncovered when the credit standing companies started verifying the letters with the lenders.
The general public sector endeavor stated additionally it is inspecting the matter internally below its anti-fraud coverage. The investigation will give attention to monitoring lacking supply receipts for EVs financed by the PFC.
Gensol had taken loans to the tune of Rs 978 crore from PFC and Renewable Vitality Improvement Company (IREDA) to purchase electrical automobiles for working a web based inexperienced taxi service which had develop into fairly standard in Delhi NCR and Bengaluru.
A SEBI investigation additionally revealed that Gensol has not been capable of account for Rs 262.13 crore of the quantity.
On April 15, 2025, SEBI launched an in depth interim order exhibiting what went flawed at Gensol. The order stated the promoters of Gensol, together with Anmol and Puneet Singh Jaggi, had handled the corporate like their private ‘piggy financial institution’. There have been no correct monetary controls in place, and the promoters had diverted mortgage cash to themselves or associated entities.
Gensol had secured loans amounting to Rs 977.75 crore from IREDA and PFC between FY22 and FY24. Of this, Rs 663.89 crore was particularly meant for the acquisition of 6,400 EVs. Nonetheless, the corporate admitted to purchasing solely 4,704 automobiles, price Rs 567.73 crore, as verified by provider Go-Auto.
