ED Detains BluSmart's Puneet Jaggi in Money Laundering Investigation

In a significant development, the Enforcement Directorate (ED) has detained Puneet Jaggi, a prominent promoter of Gensol Engineering, known for operating BluSmart cab services. The detention precedes a formal money-laundering investigation, focusing on alleged violations of the Foreign Exchange Management Act (FEMA). The ED aims to uncover whether Gensol misused funds for foreign exchange acquisitions.

Searches were conducted across multiple locations in Delhi, Gurgaon, and Ahmedabad, leading to Puneet's detention from a Delhi hotel. Meanwhile, Anmol Jaggi, his brother and co-promoter, is reportedly abroad and will be summoned for questioning shortly.

Past Controversies Surrounding the Jaggi Brothers

The Jaggi brothers faced previous restrictions from the share market after Sebi discovered they diverted company funds for personal benefits, including purchasing properties in Gurgaon valued over Rs 45 crore. The ED awaits an FIR against the Jaggi brothers and their company to officially commence a PMLA probe.

Attempts to reach Gensol for comments were unsuccessful as their offices were closed at the time of inquiry.