Promoters of BluSmart, Anmol and Puneet Singh Jaggi, have diverted funds from their solar energy company Gensol Engineering, leading to allegations of financial misconduct.
Anmol Singh Jaggi is the son of an army officer and the co-founder of Gensol Engineering. He also co-founded BluSmart Mobility, India's first all-electric ride-hailing platform.
Puneet Singh Jaggi is a co-founder of Gensol Engineering and the founder of Prescinto Technologies. He is involved in Param Renewable Energy and serves as a board director of BluSmart.
The Jaggi brothers face serious allegations of financial misconduct including stock price manipulation, which has raised concerns in India's startup and clean-tech ecosystems.