BluSmart Co-Founder Puneet Jaggi Detained in Delhi Hotel in Money Laundering Probe
Puneet Jaggi, the co-founder of BluSmart, an electric vehicle (EV) cab service, has been detained by the Enforcement Directorate (ED) at a hotel in Delhi. The detention is part of an ongoing investigation into money laundering linked to Gensol Group, another company Jaggi co-founded.
According to sources, the ED conducted searches at several properties owned by Gensol in Delhi, Gurugram, and Ahmedabad. This action is part of a case under the Foreign Exchange Management Act (FEMA). Jaggi, who had been staying at the hotel in Delhi for about a week, was detained after a complaint was filed by the Power Finance Corporation with the Delhi Police and the Economic Offences Wing.
The investigation stemmed from a report by the Securities and Exchange Board of India (SEBI), which accused Jaggi and his associates of fund diversion, transferring money to shell companies, manipulating share prices, and using loan funds for personal expenses. Sources also indicated that the ED may expand the probe into potential money laundering activities.
Jaggi’s brother, Anmol Jaggi, is currently in Dubai and has not yet returned to India. The ED has also located the wives of the Jaggi brothers in Pune, and they are expected to be questioned soon.
News Source : Information for this article was gathered from a variety of reliable news outlets.
