The Enforcement Directorate (ED) has detained Puneet Jaggi, co-founder of electric mobility startup BluSmart, in connection with an ongoing money laundering investigation into the Gensol Group, officials confirmed on Thursday.
Jaggi’s detention marks a significant development in the broader probe into alleged financial irregularities involving Gensol Group, a company with interests in solar engineering and electric mobility.
While the ED has yet to release a formal statement detailing the charges, sources close to the investigation suggest the matter involves suspected fund diversion and suspicious transactions tied to government subsidies and EV infrastructure projects.
BluSmart, a high-profile player in India’s green mobility sector, has so far not issued an official comment regarding Jaggi’s detention.
The startup, known for its fully electric ride-hailing fleet, has received both government and private backing in its bid to revolutionize sustainable urban transport.
Market analysts and EV sector insiders are watching the case closely, given BluSmart’s growing footprint and the potential ripple effects on investor sentiment and public-private initiatives in clean energy.
A senior ED official, speaking on condition of anonymity, said, “This is part of a larger financial probe. We’re connecting the dots between corporate entities and fund flows that raise red flags.”
As the investigation deepens, further questioning and financial audits are expected in the coming days.
Legal experts believe the case could significantly impact regulatory scrutiny across India’s startup ecosystem—particularly those tied to green energy and mobility.
Read More Related Blogs:
- DHL Suspends Global Shipments Over $800 to U.S.
- Gold Rebounds as Dollar Slips, Demand Picks Up
- Gold Falls Below ₹96K on MCX; Silver Prices Dip
- Dollar Dips as Trump Clashes with the Fed
