ED Detains BluSmart Co-Founder Puneet Jaggi Amid Gensol Financial Misconduct Probe
Date: 25-apr-2025 | By: Nuztrend Team
In a significant move on April 24, 2025, the Enforcement Directorate (ED) detained Puneet Singh Jaggi, co-founder of EV startup BluSmart and promoter of Gensol Engineering Ltd, as part of an investigation into alleged financial irregularities. He was taken into custody from a hotel in Delhi.
Gensol Engineering Under the Scanner
The ED’s action follows a SEBI report that accused the Jaggi brothers of diverting funds secured from public financial institutions. These funds, meant for electric vehicle procurement and EPC (Engineering, Procurement, Construction) contracts through Gensol Engineering, were allegedly routed into personal assets and shell companies controlled by the promoters and their associates.
The ED conducted raids across Gensol offices in Delhi, Gurugram, and Ahmedabad, operating under the Foreign Exchange Management Act (FEMA). Puneet’s brother, Anmol Singh Jaggi—also a co-founder of BluSmart—is currently believed to be in Dubai.
Money Laundering Case Expected
The ED is preparing to file a money laundering case once the Delhi Police’s Economic Offences Wing registers an FIR. Complaints from Power Finance Corporation (PFC) and the Indian Renewable Energy Development Agency (IREDA) have triggered the investigation.
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Impact on BluSmart
Amid mounting legal troubles, BluSmart has suspended operations across multiple cities. The company has notified users that if services do not resume within 90 days, pending wallet balances will be refunded. Thousands of drivers and customers have been left in limbo, raising questions about the startup's long-term viability.
- ED detains Puneet Singh Jaggi in Delhi
- Gensol funds allegedly diverted for personal gain
- Operations of BluSmart suspended amid scrutiny
- Refunds promised within 90 days if services don’t resume
What’s Next?
With the ED tightening its probe and pressure mounting from regulatory agencies, both BluSmart and Gensol Engineering face an uncertain future. The case also highlights growing concerns about corporate transparency and financial governance in India’s rapidly evolving electric vehicle ecosystem.
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