India’s BluSmart swept up in Gensol investigation alleging misuse of EV loans

India’s market regulator launched a probe Tuesday into Gensol Engineering after finding alleged misuse of electric vehicle loans. BluSmart, a ride-hailing startup connected to Gensol that was once seen as an emerging Uber rival in the South Asian market, has also been swept up into the investigation. The Securities and Exchange Board of India (SEBI) barred Gensol Engineering’s founders, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding key positions in the public-listed company and participating in the securities market while the agency investigates. The Jaggi brothers also co-founded BluSmart Mobility. Anmol Singh Jaggi told TechCrunch the company was “fully cooperating” with the Indian regulator and is “putting together all the necessary documents and facts to clarify.” “This is just an interim step, not a final decision, and I’m confident that once everything’s reviewed properly, our position will be clear. We’ve always believed in doing things responsibly, and that won’t ch ... Read full article.