Gensol’s & BluSmart EV Cabs’ Promoters Jaggi Brothers Unmasked By SEBI

BluSmart, the electric cab start-up once hailed as a ‘smart’ solution for sustainable urban mobility, is now at the centre of a financial storm.

SEBI has launched a probe into the company’s promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — for allegedly diverting over ₹25 crore from a government-backed loan of ₹71 crore. The funds were meant to expand BluSmart’s EV fleet, but SEBI claims a large chunk was misused for personal indulgences. From a ₹43 crore luxury apartment in Gurugram’s ultra-elite ‘The Camellias’ to foreign currency buys, credit card payments, and even a ₹26-lakh US-made golf set, this is no ordinary start-up scandal. BluSmart reportedly acquired only 4,704 EVs against a sanctioned 6,400. Meanwhile, money was allegedly routed to Gensol Ventures (a promoter entity), Anmol Jaggi’s family members, and other personal expenses. As the investigation deepens, Gensol Engineering’s stock has taken a beating, and BluSmart’s cab operations in Delhi and Bengaluru have come to a standstill. Reports suggest a possible tie-up with Uber as BluSmart scrambles for damage control.