When Green Turns Grey—Unveiling the EV Loan Scandal
In what’s shaping up to be one of the most damning revelations in India’s clean energy sector, Anmol Singh Jaggi, the well-known promoter of Gensol Engineering Ltd and BluSmart, has been accused by SEBI of diverting funds meant for electric vehicle procurement. Instead of using the sanctioned loans for eco-friendly advancements, a substantial chunk of the money was allegedly funneled into purchasing a high-end apartment in the prestigious DLF Camellias in Gurugram.
But that’s not all. The scandal unfolds a web of layered transactions, related-party deals, and personal luxuries that paint a picture of financial abuse at the highest levels of corporate governance. Let’s break it down.
Who Is Anmol Singh Jaggi? A Look at the Green Entrepreneur
Anmol Singh Jaggi rose to prominence as the face of India’s EV revolution, leading Gensol Engineering Ltd and BluSmart into becoming household names in the clean mobility and solar energy sectors. Lauded for his entrepreneurial spirit and clean energy focus, Jaggi positioned himself as a champion of sustainability.
But beneath this eco-conscious image, SEBI alleges a troubling pattern of financial misdirection and personal enrichment.
What Is Gensol Engineering Ltd?
Gensol Engineering Ltd, a listed company, specializes in solar power projects, electric mobility solutions, and EV fleet management. It partnered with government institutions and financial giants to push forward India’s green goals. However, the current scandal has clouded the company’s reputation.
Quick Facts Table: Gensol Engineering Ltd
| Feature | Details |
|---|---|
| Sector | Renewable Energy, EV |
| Promoter | Anmol Singh Jaggi |
| Market Cap (Before Scandal) | ₹3,500+ crore |
| Major Projects | BluSmart EV Fleet, Solar EPC Projects |
| Investors | Public Shareholders, Financial Institutions |
What Is BluSmart? The Electric Taxi Startup Tied to Jaggi
BluSmart, another brainchild of Anmol Singh Jaggi, made headlines for offering India’s first all-electric ride-hailing service. Backed by clean energy goals and tech-driven models, BluSmart raised funds and obtained EV loans through its strategic partner Gensol.
SEBI’s investigation now suggests those funds were not entirely used for their stated purpose.
The EV Loan Puzzle: How Much Was Borrowed and From Whom?
Between 2021 and 2024, Gensol Engineering borrowed a whopping ₹978 crore from IREDA (Indian Renewable Energy Development Agency) and PFC (Power Finance Corporation). Of this, ₹664 crore was earmarked for purchasing 6,400 electric vehicles for leasing to BluSmart.
But things didn’t add up. Only 4,704 EVs were actually purchased, and that too for just ₹568 crore. So, where did the ₹262.13 crore go?
The Money Trail: From Gensol to DLF via Go-Auto and Capbridge
SEBI’s probe revealed that once funds were transferred to Go-Auto (the EV supplier), they were frequently routed back to Gensol or related-party entities. One such entity, Capbridge, received substantial funds and then transferred ₹42.94 crore to real estate developer DLF.
That payment? It was for a luxury flat at DLF Camellias, purchased in the name of a firm where Anmol Singh Jaggi and his brother were designated partners.
What is DLF Camellias and Why Is It Controversial Now?
DLF Camellias, located in Gurugram, is one of India’s most elite residential properties. A single apartment here can cost anywhere between ₹30 crore to ₹100 crore. SEBI’s findings suggest that loan funds meant for EVs were used to purchase such luxury assets under the guise of business expenses.
This stunning misuse of funds stands in stark contrast to the mission of sustainable development promoted by the companies.
SEBI’s Interim Order: What Did the Regulator Conclude?
In its April 15, 2025 interim order, SEBI stated:
“The promoters were running a listed public company as if it were a propriety firm… Funds were routed to related parties and used for unconnected expenses, as if the company’s funds were promoters’ piggybank.”
This remark captures the severity and recklessness of the actions uncovered during the investigation.
The Family Web: Where Did the Money Go?
Bank statements exposed how huge sums were transferred not just to businesses, but also to family members:
- ₹6.2 crore to mother Jasminder Kaur
- ₹2.99 crore to wife Mugdha Kaur Jaggi
- ₹1.86 crore to purchase foreign currency
- ₹3 lakh to MakeMyTrip for travel
- ₹26 lakh for a golf set
- ₹17.28 lakh to Titan Company for luxury goods
This paints a picture of unfiltered access and use of corporate funds for personal indulgence.
The Wellfray Solar Connection: Another Piece of the Puzzle
Another entity named Wellfray Solar Industries, formerly directed by the Jaggi brothers, received ₹424.14 crore from Gensol. From that amount, ₹382.84 crore was funneled into other entities, with large amounts traced back to:
- ₹25.76 crore to Anmol Singh Jaggi
- ₹13.55 crore to Puneet Singh Jaggi
It’s a complex network of financial movements pointing to systematic diversion of funds.
Stock Market Reaction: Gensol Shares Tumble
Following SEBI’s revelations, Gensol Engineering’s shares nosedived by 5%, hitting the lower circuit at ₹122.68 apiece. Investors expressed concern about transparency and governance, further pressuring the firm to come clean.
SEBI Bans the Jaggi Brothers: What It Means for Gensol and BluSmart?
SEBI barred Anmol Singh Jaggi and Puneet Singh Jaggi from holding any directorial roles and accessing the securities market. This not only affects Gensol’s credibility, but also threatens the future of BluSmart, given the shared leadership.
Lack of Internal Controls: What Went Wrong at Gensol?
SEBI pointed out a complete breakdown in internal controls at Gensol. Auditors and board members seemingly failed to notice or raise red flags about such major fund diversions—raising serious questions about corporate governance.
Timeline of Events: From Loan Sanction to Scandal
| Year | Event |
|---|---|
| 2021 | Loan sanctioned by IREDA & PFC |
| 2022 | Funds transferred to Go-Auto, routed to Capbridge |
| 2023 | Luxury apartment purchased from DLF |
| 2024 | SEBI investigates fund use |
| April 2025 | SEBI releases interim order banning Jaggi brothers |
Personal Purchases: The Most Extravagant Expenses
From DLF homes to foreign currency, the money trail reveals jaw-dropping expenditures:
- ₹11.75 lakh to DLF Homes for unknown services
- ₹1.86 crore for foreign currency exchange
- ₹3 lakh spent via MakeMyTrip
- ₹26 lakh golf set from TaylorMade
Clearly, the funds were not just misused—they were lavishly spent.
BluSmart’s Future in Limbo: Will It Survive the Fallout?
BluSmart’s brand has taken a massive hit. With SEBI cracking down and its promoter discredited, the startup’s ability to secure funding or maintain partnerships could be seriously jeopardized.
FAQs
1. Who is Anmol Singh Jaggi?
Anmol Singh Jaggi is the promoter of Gensol Engineering and BluSmart, now accused of diverting EV loans for personal gains.
2. What is the SEBI order about?
SEBI’s interim order claims that Anmol Singh Jaggi and his brother used EV loans to buy a luxury flat in DLF Camellias, Gurugram.
3. How much money was allegedly misused?
SEBI flagged a differential of ₹262.13 crore, along with ₹424.14 crore routed through Wellfray Solar.
4. What penalties have SEBI imposed?
Both Anmol and Puneet Jaggi are barred from holding directorships and from accessing the stock market.
5. What was the apartment purchased with diverted funds?
A luxury flat in DLF Camellias, one of India’s most elite residential properties.
6. How did the stock market react?
Gensol shares fell 5% and remain under scrutiny from investors.
Conclusion: Lessons in Corporate Governance and Transparency
The unfolding story of Anmol Singh Jaggi is a cautionary tale. What started as a mission to drive India’s green energy revolution has been marred by allegations of financial mismanagement, self-dealing, and lack of accountability. SEBI’s crackdown may restore some investor faith, but the damage to Gensol and BluSmart’s reputation will take years to mend.
In the end, this isn’t just about a flat in DLF Camellias—it’s about the trust of stakeholders, the ethics of leadership, and the future of sustainable ventures in India.
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