BluSmart Founders Anmol & Puneet Jaggi Accused of Misusing Gensol Funds
Anmol Singh Jaggi and Puneet Singh Jaggi, famous faces in India's clean energy and electric mobility space, are in the eyes of the Securities and Exchange Board of India (SEBI). The two Jaggi brothers are founders of Gensol Engineering Ltd (GEL) and popular EV ride-hailing platform BluSmart Mobility. They have been charged with abusing company funds for personal expenses and are currently being probed by SEBI.
Why SEBI Is Investigating the Jaggi Brothers
The controversy emerged in June 2024, when SEBI began probing Gensol Engineering following complaints about:
- Fund diversion
- Delayed loan repayments
- Stock price manipulation
According to SEBI’s preliminary findings:
“Funds meant for the company were misutilised in a fraudulent manner by the promoters, Anmol and Puneet Jaggi. These funds were allegedly routed to related parties and spent on expenses not linked to the company’s operations.”
SEBI pointed out that the promoters used the publicly listed firm as a family business, and termed their activities as similar to conducting a "proprietary business with public money as a piggy bank."
Exit from BluSmart Amid Regulatory Pressure
After the allegations, Anmol and Puneet Jaggi stepped down from important positions at BluSmart Mobility, which they co-founded in 2019 with Punit K Goyal. They did so after SEBI instructed them to refrain from important tasks at Gensol Engineering in order to allow for a smooth investigation process.
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Education and Professional Background
Anmol Singh Jaggi:
- Graduated B.Tech in Applied Petroleum Engineering at the University of Petroleum and Energy Studies, Dehradun (2003–2007)
- Managing Director at Matrix Gas and Renewables Limited (industrial gas supplier based at Ahmedabad)
- Founder for firms such as BluSmart, Matrix Gas
Puneet Singh Jaggi:
- Graduate in Chemical Engineering from IIT Roorkee
- Co-founder for Gensol Engineering, BluSmart, Param Renewable Energy, and Prescinto
