BluSmart’s EV Loan Scandal: Luxury Real Estate Over Clean Energy

Unknown Apr 02, 2026 750 Views

In a shocking revelation, the Securities and Exchange Board of India (SEBI) has uncovered a major financial mismanagement case involving Gensol Engineering Ltd and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The duo allegedly diverted funds meant for electric vehicle (EV) procurement...

SEBI’s interim order, issued on April 15, details how loans taken for BluSmart’s EV leasing operations were funneled through multiple entities before being used for personal gains. Gensol Engineering had secured loans worth ₹978 crore between 2021 and 2024 from the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC), with ₹664 crore specifically allocated for purchasing 6,400 EVs. However, only 4,704 EVs were procured, leaving ₹262 crore unaccounted for.

Investigations revealed that a significant portion of these funds was routed through Gensol’s EV supplier, Go-Auto, before being transferred to Capbridge Ventures, a related entity. Capbridge then paid ₹42.94 crore to DLF for the luxury apartment, which was registered under a firm where the Jaggi brothers are designated partners. Additionally, SEBI found that ₹5 crore, initially paid as a booking advance by Jaggi’s mother, Jasminder Kaur, was sourced from Gensol’s funds.

The scandal has sent shockwaves through the financial markets, with Gensol Engineering’s shares plummeting by 5% on the National Stock Exchange (NSE). Meanwhile, BluSmart Mobility is reportedly facing a financial crunch, delaying salary payments for March.

SEBI has barred Anmol and Puneet Singh Jaggi from holding directorships in any listed company and restricted their access to the securities market. The regulator has also ordered a forensic audit to trace the missing funds and assess the full extent of financial misgovernance.

This case underscores the risks of corporate fund diversion and raises concerns about governance in India’s clean energy sector. As authorities tighten regulations, investors and stakeholders will be watching closely to see how Gensol and BluSmart navigate the fallout.

Sources: The Hans India, Moneycontrol, Business Standard.

Stay Ahead – Explore Now! European Stocks Rally as Markets Eye Peace Prospect, SpaceX Debut