From a flat in Camellias to crores in family account: How Jaggi brothers "diverted loan funds" taken for BluSmart EVs

Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of BluSmart Mobility and Gensol Engineering Ltd, have been accused of diverting loan funds meant for electric vehicle (EV) procurement toward personal indulgences, including a luxury apartment in Gurugram’s DLF Camellias and large transfers to family accounts.
Jaggi has been barred by SEBI from holding key managerial positions and accessing the securities market. The action comes amid allegations of fund diversion and governance lapses at Gensol Engineering.
Anmol Singh Jaggi, an entrepreneur in the renewable energy and electric mobility space, pursued B.Tech in Applied Petroleum Engineering. He co-founded BluSmart Mobility in 2019, positioning it as India’s first all-electric ride-hailing platform. Under his leadership, Gensol Engineering has executed over 15 GW of renewable energy projects and manages a 4.5 GW solar operations portfolio.
SEBI’s investigation revealed that Gensol Engineering took loans worth ₹9.78 billion ($114 million) from IREDA and PFC, a significant portion of which was allegedly used to acquire electric vehicles for BluSmart. SEBI accused Jaggi and his brother Puneet Singh Jaggi of misusing company funds, treating Gensol’s finances as a “piggy bank” for personal expenses.
The regulator’s 29-page interim order stated, “The prima facie findings have shown mis-utilisation and diversion of funds in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi.” SEBI also alleged that Gensol attempted to mislead credit rating agencies, lenders, and investors by submitting forged conduct letters.
Reports indicate that diverted funds were used for personal luxury purchases, including a high-end apartment in DLF Camellias, Gurgaon, expensive golf equipment, and travel expenses. SEBI’s probe found that Rs 97 crore was transferred to a related entity, which then routed Rs 42.94 crore to DLF for the apartment purchase.
Following SEBI’s action, Gensol Engineering’s stock price has plummeted, losing nearly 80% of its value in the past 1.5 months. SEBI has also directed Gensol to halt its planned stock split and appoint a forensic auditor to examine its financial records.