DLF Camellias flat for ₹43 cr, ₹6.2 cr to mother: Where Gensol funds went

Sebi accuses Gensol promoters of siphoning sanctioned EV loan funds to luxury purchases, stock trading, and unrelated ventures through circular transactions and connected firms

Luxury real estate, complex fund routing, and alleged misuse of public company money as if it were a private purse — this is the picture painted by the Securities and Exchange Board of India (Sebi) in its recent order debarring Gensol Engineering promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market. 

 

Gensol Engineering’s stock plunged on Tuesday, falling 5 per cent after Sebi barred the promoters from the securities market for allegedly siphoning off sanctioned loan funds. The duo have been accused of using these funds for personal gain and misleading investors, lenders and regulators. The interim order not only barred them from accessing capital markets but also prohibited them from holding key roles in any listed company until further notice.  Here’s everything known about the case so far.

 

 

Gensol’s rise, EV ambitions and the stock crash that followed

Founded by Anmol Singh Jaggi as a solar EPC firm, Gensol was once a poster child of India’s clean tech boom. After listing on the BSE SME platform in 2019, it moved to the main board in 2023. It rode the EV wave with its leasing arm supporting BluSmart, an EV ride-hailing firm also promoted by the Jaggis. However, its market capitalisation collapsed from ₹4,300 crore to ₹506 crore in just a year.

 

Retail investor participation had surged, with the shareholder base growing from 155 in FY20 to over 110,000 by March 2025. Yet, shares have fallen 85 per cent over the past year. Promoter holding has also dropped significantly to 35 per cent from 70.72 per cent.

 

At the end of March, BluSmart saw a major leadership shake-up, with CEO Anirudh Arun, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Vice-President of Experience Priya Chakravarthy all stepping down. Though officially attributed to corporate restructuring, the scale and timing raised questions.

 

Sebi alleges ₹262 crore diverted from EV loans to luxury purchases

At the heart of the controversy lies the alleged misuse of nearly ₹262 crore — part of the ₹978 crore loaned to Gensol by state-run Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC). The funds were meant to purchase 6,400 electric vehicles (EVs) for leasing to BluSmart. However, only 4,704 EVs were acquired.

 

So, where did the rest of the money go?

According to Sebi’s findings, a chunk of the funds was used to purchase real estate, including a high-end apartment in The Camellias, a luxury residential project in Gurgaon. Other personal expenses included foreign travel, golf equipment, luxury items, credit card payments, and transfers to relatives.

 

Instead of buying vehicles, Sebi alleges, funds were routed through Go-Auto Pvt Ltd, Gensol’s EV supplier, and then funnelled to entities controlled by the Jaggi brothers.

 

From a ₹71.41 crore loan:

• ₹50 crore was sent to Capbridge Ventures LLP, owned by the promoters
• ₹42.94 crore of that went into purchasing the DLF Camellias apartment

Another ₹43.69 crore loan saw ₹40 crore routed from Go-Auto to Wellray Solar Industries, a connected entity.   

Funds continued to flow to various promoter-linked firms:

• ₹29.5 crore to Gensol
• ₹5.6 crore to Matrix Gas and Renewables
• ₹3.9 crore to Prescinto Technologies
• ₹50 lakh to Sharekhan Ltd for trading in Gensol’s own shares 

In a separate instance, ₹117.47 crore from PFC was split:

• ₹96.69 crore went to Gensol Consultants and Capbridge Ventures
• Capbridge further routed ₹40 crore to Gensol Ventures, another group firm

 

Multiple circular transactions were observed, involving Gensol EV Lease, GoSolar Ventures and BluSmart Mobility, aimed at obscuring the fund trail.

 

Another ₹40.7 crore was again traced to trading Gensol’s stock via Sharekhan.

 

At least ₹50 lakh was reportedly transferred to Third Unicorn, a startup founded by Ashneer Grover, who himself has faced controversy over alleged fund misuse at BharatPe. 

Funds loaned from Wellray, as shared by Sebi, went to:  

Name of the Party	Amount (INR)	Remarks
Gensol Ventures Pvt. Ltd.	10,63,91,890	Promoter of Gensol
Jasminder Kaur	6,20,22,500	Mother of Anmol Singh Jaggi
Mugdha Kaur Jaggi	2,98,50,000	Spouse of Anmol Singh Jaggi
Foreign Currency Purchased - AED	1,86,35,600	Appears to be for personal use
Batx Energies Private Limited	1,35,19,600	Anmol Singh Jaggi is a shareholder in Batx Energies Private Limited (holding 681 shares as of March 31, 2024)
Third Unicorn Private Limited	50,00,000	Anmol Singh Jaggi is a shareholder in Third Unicorn Private Limited (holding 2000 shares as of March 31, 2024)
TaylorMade	26,00,000	Appears to be related to purchase of golf set
Capbridge Venture LLP	25,00,000	Designated Partners are Anmol Singh Jaggi and Puneet Singh Jaggi
ICICI Securities	23,00,000	Appears to be for personal use
Jabir Mahendi M	20,00,000	Jabir Mahendi M worked as CFO of GEL from 2019 to 2024
Titan Company	17,28,350	Appears to be for personal use
DLF Homes	11,75,000	Appears to be for personal use
Kamco Chew Food Pvt Ltd Spa	10,36,860	Appears to be for personal use
ICICI Bank Credit Card	9,95,266	Credit Card payment. Appears to be for personal use
Mayo Design	8,00,000	Appears to be for personal use
Shalmali Kaur Jaggi	6,00,000	Former Director of GEL and Gensol Consultants Private Limited and current director of Param Seva Foundation (disclosed related party by GEL)
Make my trip	3,00,000	Appears to be for personal use
Ali Imran Naqvi	1,50,000	Executive Director at GEL
Total	25,16,05,066

 

  “The promoters were running a listed public company as if it were a proprietary firm… as if the company’s funds were the promoters’ piggybank,” Sebi wrote in its interim order.

 

Sebi traces layered fund routing via connected firms and false claims

Sebi’s investigation began after a complaint in June 2024 and followed the downgrade of Gensol’s credit ratings by Icra and Care, owing to loan repayment delays by BluSmart. In its interim order, Sebi uncovered a complex and deliberate diversion of sanctioned funds.

 

Gensol initially secured a ₹71.41 crore loan from Ireda and added ₹26 crore of internal funds. This combined amount was transferred to Go-Auto, the dealership arm, which then moved ₹50 crore to Capbridge Ventures — a promoter-controlled entity. Capbridge reportedly used ₹42.94 crore of this to purchase the luxury apartment. Additional funds were allegedly diverted to unrelated businesses and relatives.

 

Gensol stock plunges, forensic audit ordered, stock split halted

Sebi’s action has broad implications for shareholders and lenders. Gensol’s stock has dropped nearly 85 per cent over the past year, wiping out significant investor wealth. From a peak market capitalisation of ₹4,300 crore, it fell to ₹506 crore by April 2025.

 

Both Ireda and PFC were allegedly misled through forged conduct letters falsely claiming regular debt servicing. Both agencies later denied issuing these letters and cited multiple defaults.

 

A forensic auditor has been appointed to probe Gensol’s accounts and transactions further. The company’s proposed stock split has been suspended.

 

As part of the immediate action:

• Anmol and Puneet Jaggi have been debarred from holding key roles in any listed entity
• Gensol’s proposed stock split is on hold
• A forensic audit of Gensol and related entities has been ordered