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SEBI just blew the lid off how Gensol’s promoters used crores meant for BluSmart’s EV fleet. Let’s take a look at where that money actually went:
A ₹42.94 Crore Apartment at DLF Camellias
- EVs? Nah. First stop: one of Gurgaon’s fanciest addresses. The money took a detour straight into a luxury apartment at DLF Camellias.
- Paid via Capbridge, DLF confirmed the booking was for The Camellias.
₹26 Lakh on a TaylorMade Golf Set
- Because what’s an EV loan without a high-end golf kit? Fore!
- SEBI listed this under direct personal expenses from company funds.
₹6.2 Crore to Mom
- A generous son moment, except, it was from public EV funds. Make it make sense.
- Transferred directly to their mother from Gensol-related entities.
₹2.99 Crore to Wife
- Because EV loans are clearly the new love language.
- SEBI traced the money to accounts held by Anmol Jaggi’s wife.
₹1.86 Crore for Foreign Currency
- World tour, funded by the EV revolution. International spending, local consequences.
- Funds used to purchase forex without any business justification.
Bonus Mentions:
Also spotted in the expense trail- payments to:
- Titan Company
- DLF Homes
- MakeMyTrip
All flagged by SEBI as unrelated to EV procurement or leasing operations. Let’s just say the BluSmart fleet wasn’t the one doing all the travelling.
Looks like the only thing getting a full charge here was their lifestyle. From luxury homes and golf kits to foreign currency and family transfers, the EV funds meant to drive a greener future took a detour into personal indulgence. SEBI’s on it, but for now, the only thing missing is the 1,700 EVs that were never bought.
