Jaggi Brothers Resign From Gensol Amid SEBI Fund Probe

Anmol and Puneet Jaggi, the brothers behind Gensol Engineering and blusmart Cabs who are linked to a scam, have resigned from the Gensol board, as announced in filings to the stock exchanges.

Their move comes after SEBI, the market regulator, ordered them to step down while it investigated the illegal diversion of funds from Gensol, a listed company.

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Both brothers submitted the same resignation letter, saying they were following SEBI’s instructions. Anmol was the Managing Director, and Puneet was a Whole-Time Director at Gensol.

“I am hereby resigning from the post of Managing Director of Gensol Engineering Limited with effect from the close of business hours on 12 May 2025. Further, I declare that I am resigning due to the direction given under SEBI Interim Order dated 15 April 2025,” Anmol stated.

Trouble at Gensol began when SEBI found serious issues with how the company was being run, along with signs that the promoters had diverted funds.

The main issue involves a ₹978 crore loan given by IREDA and PFC to buy 6,400 electric vehicles (EVs) for leasing to Gensol’s partner company, BluSmart Mobility. But Gensol reportedly bought only 4,700 EVs for ₹567 crore, and ₹262 crore is still missing even a year after the loan was given.

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