FEMA case: Enforcement Directorate detains BluSmart co-founder Puneet Jaggi
“PFC has filed a criticism with the Financial Offences Wing of the Delhi police in regards to the issuance of falsified paperwork. PFC is dedicated to safeguarding its pursuits and making certain the restoration of its mortgage whereas upholding transparency in its operations,” the general public sector monetary firm stated in a press release.
Gensol, the guardian firm of all-electric automobile (EV) app BluSmart which was offering inexperienced cab providers, allegedly solid letters from its two lenders — PFC and Indian Renewable Power Improvement Company Ltd (IREDA) — to indicate that it was servicing its debt usually. Nevertheless, the declare was uncovered when the credit standing businesses started verifying the letters with the lenders.
The general public sector endeavor stated it’s also analyzing the matter internally below its anti-fraud coverage. The investigation will deal with 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 Power Improvement Company (IREDA) to purchase electrical autos for operating an internet inexperienced taxi service which had develop into fairly in style 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 15 April 2025, SEBI launched an in depth interim order displaying what went improper 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. Nevertheless, the corporate admitted to purchasing solely 4,704 autos, price Rs 567.73 crore, as verified by provider Go-Auto.
