What's Happening At Blusmart & Gensol ?

Current position — reviewed 22 August 2026

This article summarises SEBI's interim order of April 2025. Regulatory and insolvency proceedings involving Gensol Engineering and BluSmart have continued since then — the findings below are allegations recorded in that interim order and were not final conclusions.

Have you also seen BluSmart, Gensol, and Anmol Singh Jaggi flashing on your screens multiple times in the last few days?
Well, same here. So we shared our take on the whole story earlier — the red flags, the money trail, and the strange links between the two companies.

But now SEBI has dropped a detailed 29-page order — and it confirms most of what people were suspecting. In fact, the findings are even more shocking than expected.

Let’s break it down 👇

🔹 Gensol took ₹663 crore in loans from govt-backed lenders to buy EVs. They were supposed to buy 6,400 vehicles. But they only bought 4,704.
The spending stopped at ₹567 crore. So, ₹262 crore is unaccounted for.

Where did it go?
Well, here's what SEBI found — a full trail of how money moved:

From government funds → to EV supplier → to a promoter-linked LLP → and then to a luxury real estate company.

This wasn’t just bad accounting — this was structured movement of funds, with intent.

🔹 To hide all this, Gensol submitted fake “no-default” letters to credit rating agencies. But when SEBI checked with lenders like IREDA and PFC, the truth came out — Gensol had defaulted multiple times.

🔹 Stock price manipulation? SEBI found that a connected company, Wellray Solar, was buying Gensol shares with funds routed from Gensol itself. Total volume: ₹160 crore+.

🔹 Gensol also announced "30,000 EV pre-orders" in January 2025. SEBI found these were just MoUs — no pricing, no delivery dates, and no confirmed orders.
And the factory? Nearly empty with just a couple of workers and barely-there electricity usage.

🔹 SEBI also found company money used like a personal wallet.

₹25 Cr to Anmol Singh Jaggi
₹13 Cr to Puneet Singh Jaggi
₹43 Cr apartment in DLF Camellias
Spa bills, golf sets, jewelry — even credit card payments

Now SEBI has stepped in:

• The Jaggis are banned from markets and board roles
• Stock split halted
• A full forensic audit is underway

💡 The takeaway:
Even if a company has a trending business or huge order book — without solid governance, it can all fall apart.
Look deeper: cash flows, related-party deals, promoter behavior — they all matter.

As Warren Buffett once said:

“In the short term, the market is a voting machine. In the long term, it is a weighing machine.”

And now, the weighing has begun.