Outlook Business Desk
SEBI has issued a notice to Gensol and BluSmart promoter Anmol Jaggi for lavish expenses allegedly made using company funds.
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.
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.
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.
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.
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.
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.
Rs 50 lakh from Gensol funds was reportedly invested in Ashneer Grover’s startup Third Unicorn, causing further investor loss.