SEBI Orders Shutting BluSmart EV Taxi Service On Noting Financial Fraud
Bans Jaggi brothers from holding key positions at the solar energy company, Gensol
The Securities and Exchange Board of India (SEBI) has issued an interim order against brothers Anmol Singh Jaggi and Puneet Singh Jaggi, founders of BluSmart, the electric vehicle (EV) taxi booking service, for committing financial irregularities in their subsidiary company.
SEBI banned the Jaggis from accessing the securities market and holding a director’s post or any other key managerial position at Gensol Engineering, an Ahmedabad-based solar energy company, wherein the duo held senior roles.
The capital markets regulator accused them of using the funds for personal luxury expenses and treated Gensol ‘like a piggybank’, leading to investor losses.
SEBI will appoint a forensic auditor to examine the accounts of Gensol and its related parties, including BluSmart.
Meanwhile, operations are at a standstill on the popular taxi booking service in three Indian cities, as Gensol is expected to procure and lease BluSmart’s EVs.