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  3. Gensol, BluSmart now under a third simultaneous investigation as ED pro…

Gensol, BluSmart now under a third simultaneous investigation as ED probes for money laundering

23 Apr 2025

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Key Takeaways

Gensol parent company of Blu-smart, faces multi-agency probes by MCA, Sebi, and ED over fund diversion and money laundering, with discrepancies in EV deployment and share value plunging 86% in 2025.

Gensol parent company of Blu-smart, faces multi-agency probes by MCA, Sebi, and ED over fund diversion and money laundering, with discrepancies in EV deployment and share value plunging 86% in 2025.

Blu-Smart Mobility Unlisted Shares

Blu-Smart Mobility

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Expert Analysis

After SEBI and the Ministry of Corporate Affairs, ED Launches Probe into Gensol and BluSmart Over Suspected Money Laundering Activities.

Expert Analysis :

  • MCA Suo Motu Probe: On April 22, MCA initiated a suo motu inquiry into alleged malpractices at Gensol Electric, amid an ongoing ED money laundering probe.

  • Sebi Interim Order: Sebi issued an interim order against Gensol Engineering and promoters Anmol Singh Jaggi and Puneet Singh Jaggi over alleged fund diversion.

  • ED and MCA Investigations: ED joins Sebi and MCA probes, examining potential money laundering at Gensol Engineering and BluSmart.

  • Gensol Loan Details: Gensol secured Rs 978 crore in term loans (2021–2024), including Rs 664 crore for 6,400 EVs to be leased to BluSmart, with an additional 20% equity contribution, totaling Rs 830 crore for EV purchases.

  • EV Procurement Discrepancy: Gensol procured 4,704 EVs for Rs 568 crore, leaving a Rs 262.13 crore discrepancy from the expected Rs 830 crore deployment, noted by Sebi.

  • Pre-order Clarification: Gensol announced pre-orders for 30,000 EVs in January 2025, but Sebi clarified that the 29,000-unit MoUs lacked binding terms, pricing, and delivery schedules.

  • ED Action and Gensol Shares Drop: On April 21, ED attached Gensol shares linked to a Mahadev betting case; Gensol’s stock fell 5% on April 22 and is down 86% in 2025.

Publisher:Money Control