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3d ago

Gensol Co-Promoter Detained as Loan Diversion Probe Expands

Puneet Singh Jaggi was taken into ED custody during raids on allegations of fund misuse, while BluSmart Mobility remains suspended.

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From Rs 1,125 to Rs 96, Gensol shares lost 91% value in 10 months; co-promoter detained
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Overview

  • The Enforcement Directorate (ED) detained Puneet Singh Jaggi, co-promoter of Gensol Engineering, during raids in Delhi, Gurugram, and Ahmedabad under FEMA provisions.
  • SEBI has accused the Jaggi brothers of diverting ₹262 crore from state-backed loans meant for EV procurement and EPC contracts to personal and related-party gains.
  • BluSmart Mobility, Gensol's electric-cab service subsidiary, has halted operations and bookings following SEBI's interim findings.
  • Anmol Singh Jaggi, the other co-promoter, is reportedly in Dubai as investigations trace luxury assets linked to the promoters in Gurugram, Ahmedabad, and Pune.
  • The ED is preparing to file a money laundering case pending an FIR from the Delhi Police Economic Offences Wing, with further probes into related-party involvement ongoing.