The Enforcement Directorate (ED) has reportedly detained Puneet Jaggi, co-founder of all-electric cab service BluSmart, from a hotel in Delhi as part of its ongoing investigation into financial irregularities at Gensol Engineering Ltd.
The raids were conducted at multiple company offices in Delhi, Gurugram, and Ahmedabad under the Foreign Exchange Management Act (FEMA), according to an IANS report.
The ED’s probe follows a damning interim order from SEBI, which accused Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi of treating the company as their “personal piggy bank”. SEBI said there were no adequate financial controls and that promoters had diverted loan money for personal use or to related entities.
PFC files police complaint over fake loan servicing claims
Government-owned Power Finance Corporation (PFC) filed a complaint with Delhi Police’s Economic Offences Wing, accusing Gensol of submitting falsified documents to obtain loans for electric vehicle (EV) purchases. The company allegedly forged letters from PFC and IREDA to falsely show regular loan repayments. The deception came to light after credit rating agencies began verifying those letters with the lenders.
In its official statement, PFC confirmed an internal investigation is also underway under its anti-fraud policy to trace missing delivery receipts for EVs financed by the company. “PFC is committed to safeguarding its interests and ensuring loan recovery while upholding transparency,” the PSU said.
EV loan utilisation under scanner
Between FY22 and FY24, Gensol secured loans totalling Rs 977.75 crore from PFC and IREDA, of which Rs 663.89 crore was earmarked for the purchase of 6,400 EVs. However, the company has admitted to acquiring only 4,704 vehicles worth Rs 567.73 crore, as verified by supplier Go-Auto. SEBI’s findings show Rs 262.13 crore remains unaccounted for.
Gensol, the parent firm of BluSmart, which operates green taxi services across Delhi NCR and Bengaluru, has not yet issued an official statement on the ED action or SEBI findings.
Anurag Dhole is a seasoned journalist and content writer with a passion for delivering timely, accurate, and engaging stories. With over 8 years of experience in digital media, she covers a wide range of topics—from breaking news and politics to business insights and cultural trends. Jane's writing style blends clarity with depth, aiming to inform and inspire readers in a fast-paced media landscape. When she’s not chasing stories, she’s likely reading investigative features or exploring local cafés for her next writing spot.
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
