Puneet Jaggi Blames Brother Anmol For Gensol’s Decisions Amid ED Heat

BluSmart cofounder and Gensol promoter Puneet Singh Jaggi told the Delhi High Court (HC) that he was merely a director for name’s sake and day-to-day operations at the EPC company were led by his brother Anmol Singh Jaggi. 

As per Hindustan Times, Jaggi made the statement before the HC while seeking anticipatory bail amid fears that Delhi Police’s economic offences wing (EOW) might arrest him. Puneet reportedly went on to claim that his elder brother Anmol, who is currently in Dubai, made all the management decisions. 

Puneet received interim protection as the HC directed the Delhi Police to serve a seven day notice to Puneet before his arrest. 

Meanwhile, the immigration bureau has reportedly issued a look out circular for Jaggi siblings upon the Enforcement Directorate’s (ED) request. 

Puneet was detained last week by the ED in the aftermath of markets regulator SEBI’s interim order. The SEBI order found that both Anmol and Puneet diverted company funds for personal use.

As per news agency PTI, Puneet was detained on the day the ED conducted raids at multiple premises linked to Gensol. The searches were carried out at the company’s premises in Delhi, Gurugram and Ahmedabad in connection with violations related to the Foreign Exchange Management Act (FEMA).

The EOW is also looking into two complaints filed by Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency Limited (IREDA), and plans to file separate cases in the matter soon. While Gensol had availed loans from the two lenders to acquire EVs for BluSmart, a significant amount of the loan proceeds was used by Gensol promoters for their personal use. 

In a separate hearing earlier, the Delhi High Court reportedly restrained BluSmart and Gensol from alienating or creating third-party rights on 175+ EVs leased to them by Japanese financial services company Orix’s India arm.

Troubles began for Gensol and its related company BluSmart following the SEBI’s interim order, which accused Anmol and Puneet of using Gensol’s INR 262 Cr for their personal expenses such as buying an apartment in DLF’s The Camellias, foreign trips, among others.

Besides, the markets regulator barred the Jaggi brothers from holding the position of director or key managerial personnel of the troubled Gensol. 

Meanwhile, the whole crisis has left BluSmart in shambles. The ride-hailing startup has suspended its operations since March 17, and the employees are yet to receive their salaries since the month of March.