This development follows the investigation by the Securities and Exchange Board of India (SEBI) that BluSmart's co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi, diverted funds intended for the purchase of electric vehicles (EVs) to acquire a luxury apartment in Gurugram's upscale DLF Camellias project. In an interim order dated April 15, SEBI accused BluSmart co-founders Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the promoters of Gensol Engineering Ltd., of diverting company funds meant for buying electric vehicles (EVs). Eventually, Rs 39 crore from the total amount ended up with the Jaggi brothers—Rs 26 crore to Anmol Singh Jaggi and Rs 13 crore to Puneet Singh Jaggi.