“Puneet Jaggi, Co-Founder of BluSmart, Arrested at Delhi Hotel in Money Laundering Probe”
Puneet Jaggi, the co-founder of the electric vehicle (EV) cab service BluSmart, has been detained by the Enforcement Directorate (ED) in connection with a money laundering investigation linked to Gensol Group, another company that he co-founded. The detention took place at a hotel in Delhi, where Jaggi had been staying for the past week, according to sources.
Puneet Jaggi, the co-founder of the electric vehicle (EV) cab service BluSmart, has been detained by the Enforcement Directorate (ED) in connection with a money laundering investigation linked to Gensol Group, another company that he co-founded. The detention took place at a hotel in Delhi, where Jaggi had been staying for the past week, according to sources.
The ED’s actions are part of an ongoing probe under the Foreign Exchange Management Act (FEMA), which also involved searches of Gensol Group properties in Delhi, Gurugram, and Ahmedabad. The case reportedly stems from allegations of fund diversion, money transfers to shell companies, manipulation of share prices, and misuse of loan funds for personal expenses. These claims were initially flagged by the Securities and Exchange Board of India (SEBI), the capital markets regulator.
Sources have indicated that the investigation into Jaggi’s involvement in these alleged financial misdeeds may expand into a fresh money laundering inquiry. Power Finance Corporation had filed a complaint with the Delhi Police and the Economic Offences Wing, which triggered the investigation, sources added.
While Puneet Jaggi has been detained, his brother Anmol Jaggi, who is also implicated in the case, is currently based in Dubai and has not yet returned to India. The ED is reportedly looking into the financial activities of both brothers, and the wives of the Jaggi siblings in Pune are also expected to be questioned as part of the ongoing investigation.
The developments come as BluSmart, an EV ride-hailing service, has been gaining attention for its eco-friendly approach to urban transportation. However, the legal issues surrounding its co-founder have raised concerns about the company’s future and the broader implications for the emerging electric vehicle sector in India.
The Enforcement Directorate has not yet issued an official statement regarding the detention, but the investigation is expected to continue as authorities examine the financial activities tied to Gensol Group and its founders.
Sources By Agencies
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