SEBI Bans Gensol’s Anmol Singh Jaggi As Founder Caught Diverting EV Loan To Purchase Luxury Apartment

The Securities and Exchange Board of India (SEBI) has removed Gensol Engineering Limited (GEL) and BluSmart promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding any directorship post in the company and even barred the two brothers from accessing the market until further notice.

SEBI has disclosed how loans taken for buying new EVs for BluSmart were diverted by the brothers for personal use, including buying a luxury apartment in Gurgaon.

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Who is Anmol Singh Jaggi?

Besides GEL, Anmol Jaggi is also a Managing Director at Matrix Gas and Renewables Limited, an emerging green hydrogen player and natural gas aggregator.

As shared in his LinkedIn profile, he is the founder of multiple companies, including BluSmart Electric Mobility, Gensol Engineering, and Matrix Gas.

Who is Puneet Singh Jaggi?

Anmol's brother, Puneet Singh Jaggi, is the co-founder of Gensol, BluSmart, Param Renewable Energy, and Prescinto.

What actually happened? 

GEL is a company involved in electric vehicles (EV) and clean energy. It took term loans worth Rs 978 crore from IREDA and PFC between 2021 and 2024, with Rs 664 crore taken for purchasing 6,400 EVs set to be leased to BluSmart. [Source: MoneyControl]

Furthermore, GEL was set to provide an additional equity (margin) contribution of 20 per cent, bringing the total expected deployment of approximately Rs 830 crore for purchasing the electric vehicles.

In an exchange filing released in February 2025, the company stated that it has procured only 4,704 EVs so far.

Its supplier, Go-Auto, also confirmed that GEL has bought 4,704 EVs for a total consideration of Rs 568 crore.

SEBI noted that the differential amount of Rs 262.13 crore between the total expected deployment of approximately Rs 830 crore and the actual EV consideration of Rs 568 crore remains unaccounted for over a year.

The market regulator's analysis reported that "once the funds were transferred from Gensol to Go-Auto, ostensibly for the purchase of EVs, they were, in most of the instances, either transferred back to the Company itself or routed to entities that were directly or indirectly related to Anmol Singh Jaggi and Puneet Singh Jaggi, promoters and directors of Gensol."

Though the promoters were running a listed public company, they acted as if it were a proprietary firm.

“The Company's funds were routed to related parties and used for unconnected expenses, as if the Company's funds were promoters' piggy bank," mentioned SEBI.

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