Anmol Jaggi’s Lavish Spending on DLF Camellias Puts BluSmart, Gensol Under SEBI Scanner

SEBI is probing Anmol Jaggi for diverting Rs 70 crore of company funds for luxury spends, including a Rs 50 crore flat, triggering investor concerns and halting Gensol’s stock split.

SEBI Notice to BluSmart

SEBI has issued a notice to Gensol and BluSmart promoter Anmol Jaggi for lavish expenses allegedly made using company funds.

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Why it Matters

Spending patterns have raised corporate governance concerns. SEBI’s action comes amid concerns over startups misusing investor money for personal luxury, prompting scrutiny of founder conduct.

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Who is Anmol Singh Jaggi?

Anmol Jaggi is the co-founder of BluSmart, an electric vehicle company, and a key figure behind Gensol Engineering, an energy solutions provider. He has gained attention for his significant role in India's sustainable transport and green energy sectors.

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Anmol Singh Jaggi Diverted Rs 25.76 Cr

SEBI’s order reveals massive fund misuse by BluSmart and Gensol co-founder Anmol Singh Jaggi. Jaggi used company money for luxury items, personal gifts, and family transfers.

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5 Cr Apartment Scam

He used ₹5 crore from Gensol funds to purchase a DLF Camellias apartment in Gurgaon. SEBI’s order revealed that ₹42.94 crore from a larger Gensol loan was routed via his firm, Capbridge Ventures, for this luxury buy.

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Foreign Currency

Jaggi used company money for personal spending abroad and local purchases. SEBI found Rs 1.86 crore in UAE Dirhams, Rs 23 lakh in ICICI Securities, and credit card spend of Rs 9.95 lakh.

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Luxury Purchases with Company Funds

Jaggi spent Rs 26 lakh on a TaylorMade golf set, Rs10.36 lakh on spa sessions, Rs17.28 lakh at Titan, and Rs 3 lakh on MakeMyTrip.

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Gensol Shares Hit More Company Funds to Third Unicorn

Rs 50 lakh from Gensol funds was reportedly invested in Ashneer Grover’s startup Third Unicorn, causing further investor loss.

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Gensol Shares Hit

Market reacts to SEBI’s interim order with major stock decline. Gensol shares fell 5% on April 16, 2025, and SEBI deferred the proposed 1:10 stock split citing investor interest.

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India's Factory Growth Slowing Down-Here's What You Need to Know About

Declining stock market due to tariff news Image by Free Pix