Puneet Singh Jaggi

Puneet Singh Jaggi

by

Puneet Singh Jaggi: Business Ventures, Net Worth, and Regulatory Scrutiny

New Delhi, April 27, 2025 —
Puneet Singh Jaggi has been a notable figure in India’s renewable energy and electric mobility sectors. As the co-promoter of Gensol Engineering and co-founder of BluSmart Mobility, Jaggi built an impressive portfolio in clean energy and electric transportation. However, recent months have seen a sharp turn in his reputation with allegations of fund diversion, misuse of company resources, and regulatory investigations by agencies such as the Securities and Exchange Board of India (SEBI) and the Enforcement Directorate (ED).

In this report, we dive deep into Puneet Singh Jaggi’s business empire, his ventures, alleged scams, SEBI and ED actions, and the future of his companies like Gensol and BluSmart.

Early Life and Rise in Clean Energy

Puneet Singh Jaggi, alongside his brother Anmol Singh Jaggi, began his journey in the early 2010s by venturing into solar consulting and EPC (Engineering, Procurement, and Construction) services. Their flagship company, Gensol Engineering, started modestly but quickly expanded due to the growing focus on renewable energy in India.

In 2019, Gensol Engineering got listed on the BSE SME platform and later migrated to the main BSE and NSE platforms by 2023, cementing its place as a key player in India’s green energy transformation.

Puneet Singh Jaggi’s Company List and Ventures

Puneet Singh Jaggi’s entrepreneurial portfolio spans multiple companies:

  • Gensol Engineering Limited
  • BluSmart Mobility Pvt Ltd
  • Prescinto Technologies Pvt Ltd
  • GoSolar Ventures LLP
  • Capbridge Ventures LLP

Each of these companies played a unique role in his growing influence across the energy, mobility, and tech sectors.

Gensol Engineering: The Solar Pioneer

Gensol Engineering, co-founded by Puneet Singh Jaggi, started as a consulting firm for solar power projects. Over time, it expanded into turnkey EPC services and later into the booming Electric Vehicle (EV) leasing business. The company’s journey to the mainboard listing was seen as a validation of its strong business model and futuristic outlook.

At its peak, Gensol’s market capitalization crossed ₹4,300 crore in early 2024, driven by massive investor enthusiasm around its EV plans.

BluSmart Mobility: The EV Ride-Hailing Revolution

Alongside Gensol’s success, Puneet Singh Jaggi entered the ride-hailing space with BluSmart Mobility. BluSmart promised 100% electric rides with zero cancellations and eco-friendly operations. Supported by significant investments, including from BP Ventures, BluSmart operated thousands of EVs in cities like Delhi-NCR and Bengaluru.

Gensol provided the electric vehicles to BluSmart under leasing agreements, making the two companies strategically interconnected.

Prescinto Technologies and GoSolar Ventures

Puneet Singh Jaggi also expanded into renewable energy tech with Prescinto Technologies, offering data-driven analytics solutions for solar assets. Another venture, GoSolar Ventures, was part of his investment arm, linked to various internal corporate structures.

These entities would later appear in SEBI’s findings related to fund transfers and alleged misuses.

Puneet Singh Jaggi’s Net Worth and Gensol Shares

At the height of Gensol Engineering’s stock rally, Puneet Singh Jaggi’s estimated net worth soared, largely due to his substantial promoter holdings (over 60% at one point).
By mid-2024, the Jaggi brothers’ collective wealth, tied to Gensol shares, was valued at more than ₹2,500 crore.

However, following regulatory investigations and share price crashes, Puneet Singh Jaggi’s net worth has reportedly plummeted by over 85%, reflecting the devastating financial consequences of the ongoing probes.

Regulatory Scrutiny: SEBI, ED, FEMA Violation and Stock Price Crash

SEBI Investigation: Allegations of Fund Diversion

The first wave of trouble for Puneet Singh Jaggi surfaced when the Securities and Exchange Board of India (SEBI) received whistleblower complaints in mid-2024 about alleged misuse of funds in Gensol Engineering.

Key Allegations:

  • ₹262 crore out of ₹978 crore loans (from IREDA and PFC) meant for buying electric vehicles were allegedly siphoned off.
  • Diversion of funds towards personal luxuries like the purchase of a ₹43 crore apartment at DLF Camellias in Gurugram.
  • Misrepresentation to lenders using forged documents.
  • Transfer of company money to family members and related parties.
  • Possible insider trading activities.

SEBI’s interim order barred Puneet Singh Jaggi from accessing the securities market and from holding any director position in any listed company.

It was noted that Gensol Engineering was allegedly being operated “like a personal piggy bank” by the promoters, disregarding corporate governance norms.

Puneet Singh Jaggi FEMA Case and ED Raid

Following SEBI’s findings, the Enforcement Directorate (ED) stepped in.

ED’s Actions:

  • Conducted multiple raids at Puneet Singh Jaggi’s offices, homes, and properties linked to Gensol.
  • Detained Puneet Singh Jaggi in connection with alleged violations under the Foreign Exchange Management Act (FEMA).
  • Investigated fund flows suggesting possible overseas asset acquisitions without compliance with Reserve Bank of India (RBI) guidelines.
  • Traced suspicious circular transactions involving shell entities and offshore companies.

The ED also discovered potential links to Mahadev betting app funds — where certain investors associated with the betting scam allegedly held shares in Gensol Engineering.

Currently, Puneet Singh Jaggi remains under ED detention as the investigation continues.

Puneet Singh Jaggi SEBI Ban and Insider Trading Accusations

Apart from fund diversion, the SEBI probe indicated that parts of the diverted money were possibly used for stock market manipulation:

  • Some funds were routed into trading Gensol’s own shares.
  • Transactions reflected unusual patterns suggesting price support activities.

Although SEBI’s interim order focused primarily on fund misuse, future charges related to insider trading and price manipulation could be considered based on forensic audit findings.

Puneet Singh Jaggi Shareholding and Stock Price Crash

Before the controversy, the Jaggi brothers collectively held over 60% of Gensol Engineering shares.

Post-scandal:

  • Their combined stake reportedly dropped to around 35.87% by early 2025.
  • Gensol’s stock crashed over 85%, hitting lower circuits for multiple consecutive days.
  • Market capitalization plunged from ₹4,300 crore to below ₹500 crore.
  • Retail investors who trusted Gensol’s clean energy story suffered huge losses.

This steep fall is often referred to as the Puneet Singh Jaggi stock price crash in financial news circles.

BluSmart Mobility Shutdown and Fallout

In a direct fallout of the Gensol scandal:

  • BluSmart Mobility suspended ride bookings on its app.
  • Thousands of EV drivers faced sudden unemployment.
  • Customer wallet refunds were promised within 90 days but uncertainty remains.
  • BluSmart’s future is under a cloud unless a new investor or strategic partner steps in.

There were discussions about BluSmart potentially pivoting into a fleet operator model, servicing other platforms like Uber, but no official confirmation yet.

Thus, media outlets started referring to it as the Puneet Singh Jaggi BluSmart Shutdown.

Frequently Asked Questions (FAQs)

1. Who is Puneet Singh Jaggi?

Puneet Singh Jaggi is an Indian entrepreneur, known as the co-founder of Gensol Engineering Ltd and BluSmart Mobility. He made a mark in the renewable energy and electric mobility sectors before facing allegations of financial misconduct.

2. What is the Puneet Singh Jaggi Scam?

The Puneet Singh Jaggi Scam refers to allegations that funds raised by Gensol Engineering for EV expansion were misused for personal luxury purchases, insider trading activities, and fund diversions, as highlighted by the SEBI interim order.

3. What are the SEBI allegations against Puneet Singh Jaggi?

SEBI accused Puneet Singh Jaggi and others of:

  • Misuse of ₹262 crore intended for EV expansion.
  • Purchasing luxury properties like the DLF Camellias Flat.
  • Forging documents submitted to lenders like IREDA and PFC.
  • Possible insider trading practices.

4. What is the FEMA case against Puneet Singh Jaggi?

The Enforcement Directorate (ED) detained Puneet Singh Jaggi under the FEMA for suspected illegal overseas fund transfers and violations of foreign exchange laws regulated by the Reserve Bank of India (RBI).

5. Is Puneet Singh Jaggi arrested?

As of the latest update, Puneet Singh Jaggi has been detained by the ED but not formally arrested yet. Further legal action is expected based on the outcomes of SEBI and ED investigations.

6. What happened to BluSmart Mobility?

BluSmart Mobility suspended its ride-booking services following the regulatory scrutiny on its major vehicle leasing partner Gensol Engineering. The startup is exploring ways to restructure or partner with other ride-hailing platforms.

7. What is Puneet Singh Jaggi’s Net Worth now?

From a peak combined net worth (with his brother) of ₹2,500 crore, Puneet Singh Jaggi’s wealth has reportedly fallen drastically after the Gensol stock crash, with an estimated value now below ₹200 crore.

8. What companies are linked with Puneet Singh Jaggi?

  • Gensol Engineering Ltd
  • BluSmart Mobility Pvt Ltd
  • Prescinto Technologies Pvt Ltd
  • GoSolar Ventures LLP
  • Capbridge Ventures LLP

Conclusion

The story of Puneet Singh Jaggi is a classic rise-and-fall narrative from India’s booming clean energy sector.
From being celebrated as an eco-entrepreneur, Puneet now faces investigations by India’s top regulatory bodies. His association with Gensol Engineering, BluSmart Mobility, Prescinto, and other companies once symbolized India’s transition towards a greener future. However, allegations of fund diversion, misuse of loans, and regulatory violations have clouded his business reputation.

While Jaggi remains under investigation, the damage to investor confidence, startup ecosystems, and green mobility efforts is already evident. Gensol Engineering and BluSmart’s survival will depend on new leadership, stringent corporate governance reforms, and regaining the trust of lenders and investors.

The final outcomes of SEBI, ED, and RBI proceedings will determine the next chapters in the Puneet Singh Jaggi case — setting critical precedents for India’s startup and financial markets.

✅ Official Sources Linked:

 

Leave a Comment

© 2025 Marketer • Built with GeneratePress
Privacy Policy Terms Contact