'I am the victim': Ashneer Grover on BluSmart crisis, Sebi crackdown

Entrepreneur and investor Ashneer Grover calls himself a 'victim' in Gensol-BluSmart fiasco, says he invested ₹1.75 cr; denies any operational role, offers to make tax, bank records public

Ashneer Grover, co-founder of BharatPe and a personal investor in BluSmart, has broken his silence following the Securities and Exchange Board of India's (Sebi) recent action against Gensol Engineering and the halt in operations by the EV cab firm. In his remarks, Grover described himself as a “victim” of the ongoing developments. 

  Grover said he had invested ₹1.5 crore into BluSmart and ₹25 lakh into Matrix, and shared his disappointment over the company’s current troubles. “Dragging my and my company’s name in this Gensol/BluSmart fiasco is rather shameful,” he said in a public statement. “In fact, I am the ‘victim’ of the current scenario, having personally invested in BluSmart.”

 

I didn’t see any headline saying “funds diverted to Rajeev Singh’s DLF or Ratan Tata’s Titan”. Indian business journalists are the worst of the lot and basically anpadh @moneycontrolcom @EconomicTimes ! Kuchh bhi headlines bana do - views ke liye.  Indian journalism is really…

— Ashneer Grover (@Ashneer_Grover) April 17, 2025

“I am the ‘victim’ of the current scenario having personally invested Rs 1.5 cr in BluSmart and Rs 0.25 cr in Matrix. I hope the business / company can survive the current fiasco for sake of its stakeholders,” he further wrote on X. 

Stressing that he has no operational involvement in either Gensol or BluSmart, Grover made it clear that his role is limited to being a shareholder, with no say in how the businesses are run or financed. He also said that he is hopeful that BluSmart would weather the crisis “for the sake of its stakeholders.” 

   

On transparency of his investments, Grover said he was open to sharing his bank statements and tax filings publicly.

He also pointed out that the responsibility of declaring the source of funds lies with individual investors, not with the company. “A private limited company is not liable for the conduct of shareholders or for ascertaining their source of funds,” he said.

 

Sebi action and BluSmart suspension

The current turmoil stems from a Sebi probe that found serious financial irregularities involving Anmol and Puneet Singh Jaggi, co-founders of Gensol Engineering. According to the investigation, the promoters allegedly diverted large sums earmarked for purchasing EVs for BluSmart towards personal enrichment.     

  This included purchasing a luxury flat in Gurugram, artificially inflating Gensol’s stock price through manipulated trades, and misusing corporate funds for personal use. Sebi also uncovered instances of forged documentation and breaches of corporate governance practices. Consequently, both promoters have been barred from accessing the securities market, and a forensic audit has been ordered into Gensol’s accounts.