BluSmart promoters divert EV loan to buy house in DLF Camellias
Mumbai/New Delhi: Anmol Singh Jaggi and Punit Singh Jaggi, promoters of Gensol Engineering Limited (GEL), diverted a loan taken to buy electric vehicles (EVs) to buy a luxury apartment in DLF’s ‘The Camellias’ in Gurugram.
This was revealed by market regulator Securities and Exchange Board of India (SEBI) on April 15. SEBI has barred both the Jaggi brothers from holding any directorship in the company and also banned their access to the securities market. According to the regulator, the loan taken to buy electric vehicles for ride-hailing service BlueSmart was diverted through several entities and later used for personal gain.
In its interim order, the market regulator said, “The funds taken as loan by Gensol to purchase electric vehicles were used to purchase a high class apartment in Camellias, Gurugram, which is in the name of the firm in which the MD of Gensol and his brother are partners.” Sebi further said, “The Rs 5 crore initially paid by Anmol Singh Jaggi’s mother Jasminder Kaur as booking advance was also taken from Gensol. Further, once DLF returned the advance amount to Kaur, this amount was not returned to the company but was given to another related party of Gensol.” The market regulator found in its investigation that Gensol Engineering had taken a loan of Rs 978 crore from government NBFC companies – Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC) between 2021 and 2024. Of this, Rs 664 crore was specifically allocated to buy 6,400 electric vehicles, which were to be leased to BluSmart.
However, the company said in a stock exchange filing in February 2025 that only 4,704 EVs have been purchased so far. Gensol’s EV supplier Go-Auto also confirmed this, saying that the total cost of these vehicles was Rs 568 crore.
SEBI said that even after a year of receiving the last installment of the loan, the company has failed to account for the remaining difference of Rs 262 crore. SEBI’s investigation revealed that once the funds were transferred from Gensol to Go-Auto to allegedly buy EVs, the money was sent back to entities linked to Gensol or the Jaggi brothers.
In one such case, a large portion of the loan amount received from IREDA in 2022 was transferred to Related Capbridge. CapBridge then sent Rs 42.94 crore to DLF for an apartment in the Camellias project. DLF confirmed that the money was used to buy a property in the name of a firm in which both Anmol and Punit Singh Jaggi are partners.
On Wednesday, Gensol Engineering shares fell 5 per cent to close at the lower circuit limit of Rs 122.68 on the National Stock Exchange (NSE). Meanwhile, BluSmart Mobility has reportedly delayed March salary payments as the electric cab-hailing startup is facing a financial crisis. According to media reports, the company’s co-founder Anmol Singh Jaggi assured in an email sent to employees that all pending dues will be cleared by the end of April.
“Due to cash flow constraints, there will be a slight delay in the salary process. However, we would like to assure you that all dues will be cleared within April itself,” Jaggi reportedly said in the email.
