ED Detains BluSmart Co-Founder Over Gensol Links

Puneet Jaggi, co-founder of EV cab startup BluSmart and the Gensol Group, was detained by the Enforcement Directorate (ED) at the Delhi Hotel in connection with a case involving alleged violations of the Foreign Exchange Management Act (FEMA). According to the sources, Jaggi has been staying in a hotel for the past week. 

The ED’s action is part of a broader investigation triggered by the Securities and Exchange Board of India (SEBI), which alleged fund diversion, share price manipulation and the use of loan funds for personal expenses. Additionally, ED also conducted coordinated raids at different Gensol properties in Delhi, Gurugram and Ahmedabad. 

A few days ago, Power Finance Corporation lodged a complaint with the Delhi Police and the Economic Offences Wing concerning the Jaggi brothers. Anmol Jaggi, another brother, is presently in Dubai and has not returned to India yet.

Amidst this turmoil, BluSmart cab services had already been suspended. 

Authorities have also traced the brother’s spouses in Pune, and questioning is expected in the coming days.