The crisis-ridden electric cab service BluSmart has appointed Grant Thornton to conduct a forensic audit of its operations, reports said.

The development comes following a regulatory probe into alleged financial misconduct by co-founder Anmol Jaggi.

Advertisement

According to Reuters, Thornton will be examining BluSmart’s financial health, with a specific focus on the movement and utilisation of funds.

Citing sources, Reuters said the company’s cash position appeared concerning and raised the possibility of fraud. The appointment of the auditing firm signals the company’s attempt to restore transparency and trust amid mounting scrutiny.

Notably, SEBI has removed Gensol Engineering Limited (GEL) promoters Anmol Singh Jaggi and Puneet Singh Jaggi from holding any directorship post in the company. The regulator has debarred the two brothers from accessing the market.

Sebi in its interim order explained how loans taken for buying new EVs for BluSmart were diverted by the duo for personal use, including buying a luxury apartment in Gurgaon.

The root of the alleged misconduct lies in a ₹978 crore loan granted by state-backed entities, Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC), for the acquisition of 6,400 electric vehicles.

SEBI findings reveal that only 4,704 were procured, leaving a ₹262 crore discrepancy that is believed to have been misappropriated.

It detailed various examples of diverting funds that Gensol raised to procure electric vehicles (EVs). A list in the order shows Jaggi transferred Rs 6 crore to his mother, Rs 2 crore to his wife, and Rs 50 lakh to Grover’s Third Unicorn.