The Indian Blusmart has invaded investigations into the investigation, which claims to misuse EV loans

On Tuesday, the market organizer in India launched a Gensol engineering after finding an alleged misuse of electric car loans. Plosmart, the start of the Gensol horseback running that was previously seen as an uper rival in the South Asian market, was also passed in the investigation.

The Securities and Stock Exchange Council in India (Sebi) prevented the founders of Gensol Engineering, Anmol Singh Jaggi and Punete Singh Jaggi, from holding major positions in the company listed in the public list and participating in the stock market while achieving the agency. The Jaggi brothers also participated in the founding of Blusmart Mobility.

Anmol Singh Jaggi Techcrunch told the company that the company is “fully cooperating” with the Indian organizer, which “collects all the documents and facts necessary to clarify it.”

“This is just a temporary step, not a final decision, and I am sure that once you see everything properly, our position will be clear. We have always been late in carrying out responsibility, and it will not change,” Gagi said.

In its temporary ranking, the organizer accused the brothers Jaggi of redirecting large loans for personal use, including buying luxury real estate on the outskirts of capital in India.

The organizer said that Gensol has benefited from loans for a period of 9.78 billion Indian rupees (about 114 million dollars) from the state -owned renewable energy development agency and the Energy Finance Corporation. From this, 6.63 billion rupees were set to buy 6400 volts to rent Blusmart. However, the company acquired only 4,704 volts for 5.68 billion rupees to request (Pdf).

“Some of these funds were then used for purposes that have nothing to do with the purpose/purpose of the punishable range of loans, which included (1) personal expenses of the meadow, including buying advanced properties; (2) to take advantage of private promoters’ entities/transfer money to the relatives of promoters;”.

Ginsol previously denied the alleged backward background. However, the organizer of the information was cited from the lenders and said that there are “multiple cases of backwardness” by Gojarat, which is based in Gojarat.

“The promoters were running a public company listed as if it were a royal company,” the organizer claimed in order.

This comes more than a month after the credit rating agencies were reduced to the Gensol rating, which raised concerns about the delay in the company’s debt service and corporate governance.

Meanwhile, Blusmart, Gensol agent and the entity that shares its founders, is struggling due to the cash stabilization and the lack of the outer capital. The start starting its service was closed in Dubai, which was Firing Last year, it is currently exploring ways to keep its work in India, which extends to Dehi-NRG, Bengaluru and Mumbai.

The riding riding is planned to reach a fleet partner for his rival Sagittarius I mentioned Earlier this week, quoting people familiar with developments.

Blusmart was founded in late 2018 as the Gensol Mob. It started as a Uber fleet operator. However, the startup company emerged as a competitor to all EV for Uber after starting its independent operations before the Covid-19 pandemic.

Blusmart Rapid 25 million dollars In January 2024 to reinforce EV charging stations from the responsibility of the effects of influence in Switzerland. Later that year, the company was said to have been in talks Ruling up to $ 100 millionBut this funding has never been achieved.

Gurugram has raised more than $ 486 million in total financing, per Crunchbase. It calculates BP Ventures and Mayfield India Fund among its first investors.

Last year, Blusmart had a fleet of 6000 EVS, including about 180 ZS SUVs from MG Motor and the remaining batch consisting of Tata Tigor. The startup company planned to increase its fleet size to 10,000 EVS by the end of the year, but it did not reach the goal.

Jaggi did not answer the measures he takes specifically for Blusmart.

Gensol Engineering fell by more than 83 % this year, trading in 129 rupees shortly before the market was closed on Tuesday.