Anmol Singh Jaggi and Puneet Singh Jaggi, once seen as promising entrepreneurs in India’s green technology space, now face serious allegations after SEBI’s interim report revealed a major financial scandal involving their companies, Gensol and BluSmart. The report accuses the Jaggi brothers of large-scale financial misappropriation, including forging documents to deceive regulators and diverting sanctioned loans for personal use. They allegedly created false ‘no default’ certificates from financial institutions like IREDA and PFC to mask the misuse of funds.
SEBI’s investigation uncovered that over ?775 crore was routed to Go-Auto, a dealership linked to BluSmart, but only ?570 crore was used for its intended purpose. The remaining ?205 crore was spent on unrelated luxuries, including a ?43-crore flat in Gurugram’s elite DLF Camellias enclave, originally booked in their mother’s name and later transferred to their firm, Capbridge Ventures. The brothers also used company funds for personal expenses like a ?26-lakh golf set, ?23 lakh in credit card payments, and high-end interior décor worth ?8 lakh.
In addition to misusing company funds, the Jaggi brothers manipulated the stock market through a Gensol subsidiary named Wellray, which accounted for 99% of Gensol’s trading volume over two and a half years, falsely inflating share prices. SEBI strongly condemned the actions, describing them as a betrayal of public trust and banned both promoters from participating in the securities market. A forensic audit has been initiated to determine the full extent of the fraud, which could result in major losses for investors.
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