BluSmart Brings in Grant Thornton for Forensic Audit After SEBI Probe

According to the news reports, BluSmart, an electric cab company, has hired Grant Thornton to conduct a deep financial investigation. This decision comes after SEBI started looking into alleged misuse of company funds by co-founder Anmol Jaggi. He is accused of using money meant for buying electric vehicles for his personal benefit.

Misuse of Funds and SEBI’s Findings

SEBI found that Anmol Jaggi had taken money from his listed company, Gensol Engineering, which provides electric cars to BluSmart. Instead of using it for business purposes, he reportedly spent it on a luxury apartment worth ₹42 crore, foreign trips, expensive items and personal transfers. Out of a ₹978 crore loan meant for purchasing 6,400 EVs, only 4,704 were actually bought. The rest of the money, about ₹262 crore, is suspected to have been misused.

Impact on BluSmart Operations

Due to this scandal, BluSmart paused its cab services without prior notice. Many top employees resigned, and customers with money in their app wallets were left confused. The company hasn’t given any clear statement yet, but claims services will resume soon.

Silence from Investors, Awaiting Audit Outcome

The company’s key investor, BP Ventures (linked to British energy firm BP), hasn’t commented on the situation. The upcoming audit by Grant Thornton is expected to reveal how serious the financial mismanagement was and help decide what steps BluSmart should take next.

Read More: Gensol Shares Slide to 52-Week Low After SEBI Flags Inactivity at EV Plant.

Share Performance 

As of April 24, 2025, at 12:20  PM, Gensol Engineering share price is trading at ₹94.91 per share, reflecting a decline of 5.00% from the previous day’s closing price. Over the past month, the stock has declined by 58.09%. The stock’s 52-week high stands at ₹1,124.90 per share, while its low is ₹94.91 per share.

Conclusion

BluSmart is looking into the issue with a detailed audit. The results will help the company decide what to do next and work on gaining back trust.

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