India's market regulator, SEBI, has launched an investigation into Gensol Engineering and its co-founders, the Jaggi brothers, amid allegations of misusing funds intended for electric vehicle purchases. The investigation also implicates BluSmart, a startup linked to Gensol. SEBI's interim order prohibits the Jaggis from holding key positions or participating in the securities market pending the outcome. Allegations include redirection of substantial loans for personal expenditures, such as the purchase of luxury real estate, rather than the intended acquisition of electric vehicles for leasing to BluSmart.
The Securities and Exchange Board of India (SEBI) has initiated a probe into Gensol Engineering and its founders due to allegations of misuse of funds intended for electric vehicle loans.
In its interim order, the regulator accused the Jaggi brothers of redirecting substantial loan amounts for personal use, including buying luxury real estate on the outskirts of India's capital.
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