Gensol Engineering promoters Anmol Singh Jaggi and Puneet Singh Jaggi resigned on Tuesday after SEBI barred them from the securities market over a massive loan fraud.
The brothers allegedly misused a part of Rs 978 crore - meant for buying electric vehicles - for personal luxuries, including a DLF Camellias apartment and a Rs 26 lakh golf set, SEBI said in its interim order.
The regulator accused them of using Gensol like a "piggy bank", diverting company funds through a maze of related entities. The crackdown came after a complaint was filed in June 2024. This scandal also casts a shadow on their other venture, BluSmart, India's first all-electric cab service, which has abruptly suspended operations in Delhi, Mumbai, and Bengaluru.
Who is Anmol Singh Jaggi?
Based in Ahmedabad, Anmol Singh Jaggi grew up in a disciplined environment as a "fauji kid".
He earned a degree in Applied Petroleum Engineering from the University of Petroleum & Energy Studies and later interned at Reliance Industries in 2005, as per his LinkedIn account.
In 2007, Anmol Jaggi took the entrepreneurial plunge and founded Gensol Group in a 50 sq ft office. For the next five years, Gensol focused on carbon credits. Later, he pivoted the company towards solar energy, turning Gensol into a leading renewable energy design, engineering, and project management firm.
In December 2019, Anmol Jaggi co-founded BluSmart, starting with just 70 electric cars.
Anmol Singh Jaggi was also named in Fortune India's 40 Under 40 list in 2024.
Who is Puneet Singh Jaggi?
Bengaluru-based Puneet Singh Jaggi is a serial entrepreneur in the renewable energy space. He completed his higher and senior secondary education at Army School in Chandigarh and went on to pursue a B.Tech in Chemical Engineering from the Indian Institute of Technology (IIT) Roorkee, graduating in 2010, as per his Linkedin profile.
Soon after, he co-founded Gensol Group, now India's largest renewable energy services provider, with Anmol Jaggi. In 2016, he launched Prescinto Technologies, an AI-powered platform for clean energy monitoring and analytics.
He briefly served as Director at BluSmart, India's first all-electric ride-hailing service.
In 2019, he founded Param Renewable Energy, now India's largest and the world's 7th largest independent solar O&M (Operations and Maintenance) company.
