In today’s episode of India Global, It started as a clean energy dream; BluSmart, the electric ride-hailing start-up that promised to disrupt the future of mobility. But the wheels are now coming off. BluSmart is reportedly exiting its core business and shifting from building a platform to simply supplying cars for rival Uber. But the real shock lies beneath the surface. SEBI has dropped a bombshell. Anmol Singh Jaggi and his brother Puneet — founders of Gensol and promoters of BluSmart — allegedly turned the electric dream into a personal piggybank. EV loans worth nearly a thousand crore rupees — meant to electrify India’s roads — were instead rerouted through shell firms and layered transactions… to purchase a Rs 42.9 crore luxury flat at The Camellias. Over Rs 260 crore remains unaccounted for. And that’s not all. Rs 26 lakh for a golf set. Nearly Rs 3 crore to a spouse. And over Rs 6 crore to their mother. What was meant to power electric cars, now powering elite lifestyles. SEBI’s interim order is damning; calling the brothers’ actions a gross abuse of public company funds. They’ve now been barred from holding directorships and are blocked from accessing the markets. NDTV’s Gaurie Dwivedi speaks with Ex-Executive Director, SEBI JN Gupta, and Former chairman, Bombay Stock Exchange S Ravi to discuss this and more.
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