BluSmart Co-Founder Puneet Jaggi Detained By In FEMA Case

New Delhi: The Enforcement Directorate (ED) has detained BluSmart co-founder Puneet Jaggi from a Delhi lodge, after the company carried out raids in a case associated with Gensol Engineering Ltd.

The raids have been carried out at corporate’s workplaces in Delhi, Gurugram, and Ahmedabad beneath the Foreign Exchange Management Act (FEMA).

The ED is investigating Gensol promoter brothers Anmol Singh Jaggi and Puneet Singh Jaggi after a SEBI file accused them of monetary irregularities, company misgovernance and fund diversion.

Gensol was once but to factor a observation.

Earlier, government-owned Power Finance Corporation Ltd (PFC) filed a criticism with the Delhi police in opposition to Jaggi brothers-promoted Gensol Engineering Ltd for allegedly submitting false paperwork to take loans for purchasing electrical automobiles (EVs).

“PFC has filed a complaint with the Economic Offences Wing of the Delhi police concerning the issuance of falsified documents. PFC is committed to safeguarding its interests and ensuring the recovery of its loan while upholding transparency in its operations,” the general public sector monetary corporate mentioned in a observation.

Gensol, the dad or mum corporate of all-electric automobile (EV) app BluSmart which was once offering inexperienced cab products and services, allegedly cast letters from its two lenders — PFC and Indian Renewable Energy Development Agency Ltd (IREDA) — to turn that it was once servicing its debt steadily. However, the declare was once uncovered when the credit standing companies started verifying the letters with the lenders.

The public sector endeavor mentioned it is usually analyzing the subject internally beneath its anti-fraud coverage. The investigation will focal point on monitoring lacking supply receipts for EVs financed by means of the PFC.

Gensol had taken loans to the music of Rs 978 crore from PFC and Renewable Energy Development Agency (IREDA) to shop for electrical automobiles for operating a web-based inexperienced taxi provider which had turn into somewhat well-liked in Delhi NCR and Bengaluru.

A SEBI investigation additionally printed that Gensol has now not been ready to account for Rs 262.13 crore of the volume.

On April 15, 2025, SEBI launched an in depth meantime order appearing what went unsuitable at Gensol. The order mentioned the promoters of Gensol, together with Anmol and Puneet Singh Jaggi, had handled the corporate like their non-public ‘piggy financial institution’. There have been no correct monetary controls in position, and the promoters had diverted mortgage cash to themselves or comparable entities.

Gensol had secured loans amounting to Rs 977.75 crore from IREDA and PFC between FY22 and FY24. Of this, Rs 663.89 crore was once particularly intended for the acquisition of 6,400 EVs. However, the corporate admitted to shopping for handiest 4,704 automobiles, price Rs 567.73 crore, as verified by means of provider Go-Auto.