How BluSmart Electric Cab Start-Up Founder Diverted Funds To Buy Rs. 50 Crore Luxury Apartment In DLF Camellias
In the heart of Gurugram, where the cityscape blends seamlessly with manicured greens and opulent towers, stands The Camellias—a name synonymous with ultra-luxury living. Recently, this exclusive address found itself at the centre of a financial storm, as fresh details emerged about a lavish flat reportedly acquired by the BluSmart co-owner, Anmol Singh Jaggi, and his family. The story behind this ₹50 crore apartment is not just about real estate, but about ambition, alleged financial missteps, and the complex world of modern Indian startups.
The Allure of The Camellias
The Camellias by DLF is not just a residential project; it is a statement of wealth and aspiration. Overlooking an expansive golf course, the apartments here are designed for those who seek privacy, space, and every conceivable luxury. The interiors boast high ceilings, bespoke finishes, and panoramic views, while the amenities range from exclusive clubhouses to wellness centres and artfully landscaped gardens. For the elite, owning a home here is as much about status as it is about comfort.
It was into this rarefied world that the Jaggi family, promoters of Gensol Engineering and BluSmart, stepped when they purchased a flat for ₹43 crore—though the total outlay, including associated costs, reportedly reached ₹50 crore. The purchase, made through Capbridge Ventures LLP, a firm linked to the family, was meant to be a crowning achievement. Instead, it has become a focal point in a high-profile investigation.
The Money Trail: From EV Loans to Luxury Living
The origins of the funds used to buy The Camellias flat have drawn intense scrutiny. Gensol Engineering, under the stewardship of Anmol and Puneet Singh Jaggi, had secured large loans from government agencies—the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC)—to procure electric vehicles for BluSmart’s ride-hailing fleet. The plan was ambitious: 6,400 EVs, a leap forward for green mobility in India.
However, as regulatory investigations later revealed, only 4,704 vehicles were actually purchased, leaving a gap of over ₹262 crore between the sanctioned funds and the actual expenditure. It was this unaccounted sum that set off alarm bells. Through a series of complex transactions, including routing money via GoAuto (the EV supplier) and related-party entities, a significant portion of the loan—₹50 crore—was diverted to Capbridge Ventures LLP. This entity then used ₹42.94 crore to acquire the DLF Camellias flat on behalf of the Jaggi family.
Personal Indulgences and a Web of Transactions
The purchase of the luxury flat was not the only personal expenditure flagged by investigators. The Jaggi brothers allegedly used company funds for a variety of indulgences: a premium golf set costing ₹26 lakh, substantial transfers to family members, foreign currency purchases, and even payments for luxury goods and travel. The Securities and Exchange Board of India (SEBI) described the promoters’ actions as treating the public company like a “proprietary firm,” with funds flowing freely to personal and related-party accounts.
The investigation also uncovered attempts to obscure the money trail, with funds being routed through multiple entities and circular transactions. For instance, Wellray Solar Industries, another related-party firm, received large sums before transferring money to the Jaggi brothers and their family. The complexity of these transactions, coupled with misleading disclosures to lenders and investors, has led to serious allegations of financial misconduct.
Consequences and the Road Ahead
The fallout from these revelations has been swift and severe. SEBI has barred Anmol and Puneet Singh Jaggi from holding key positions in any listed company and from participating in the securities market. Gensol Engineering’s stock price has plummeted, erasing significant investor wealth and casting a shadow over the once-celebrated startup. A forensic audit is now underway, with regulators and lenders keen to untangle the web of transactions and recover misused funds.
Meanwhile, BluSmart’s future hangs in the balance. Once heralded as a pioneer in India’s electric mobility sector, the company now faces uncertainty, with reports suggesting it may pivot away from its core business or seek partnerships with competitors.
A Lesson in Oversight and Ambition
The saga of the BluSmart owner’s ultra-luxury DLF Camellias flat is more than a tale of opulence. It is a cautionary story about the importance of corporate governance, transparency, and the risks that come when ambition outpaces accountability. For buyers and investors alike, it serves as a reminder that behind every gleaming façade, the true story often lies in the details—and in the diligence with which those details are examined.