Ashneer Grover’s Name Linked to the BluSmart EV Fraud Probe? Here's Why

Ashneer Grover is not directly involved in the purported BluSmart fraud, but because of his financial connections to BluSmart, its co-founder Anmol Singh Jaggi, and Jaggi's business, Gensol Engineering, his name has come up in the dispute.

The Securities and Exchange Board of India ( SEBI ) has started an investigation against Gensol Engineering Ltd., the holding company of electric ride-hailing firm BluSmart, on charges of financial irregularity. 

The probe finds that co-founder Anmol Singh Jaggi had misused some Rs 262 crore meant for buying electric vehicles (EVs) for BluSmart. These monies were said to be routed to family members, related entities, and personal accounts, such as an Rs 50 lakh investment in Ashneer Grover's startup, Third Unicorn Pvt.

Ashneer Grover's Connections to BluSmart

Ashneer Grover, former managing director at BharatPe and a well-known personality from ‘Shark Tank India’, has monetary links to BluSmart and related entities. Grover had invested Rs 1.5 crore in BluSmart and another Rs 25 lakh in Matrix, another firm associated with Jaggi.

“Dragging my and my company’s name is this Gensol / BluSmart fiasco is rather shameful and cheap journalism. In fact I am the ‘victim’ of the current scenario having personally invested ₹1.5 cr in BluSmart and ₹0.25 cr in Matrix. I hope the business/company can survive the current fiasco for sake of its stakeholders” Grover wrote in a post on X.  

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Grover's Reaction to Charges

Following media reports of his involvement in the scandal, Grover has come out in public to declare himself a "victim" of the scandal. He clarified that his investments were made in good faith and that he had no hand in the alleged financial mismanagement at Gensol or BluSmart. 

Grover further added that Third Unicorn carried out normal due diligence, based on investor assurances of the legitimacy of their funds.

“I’ll share all my ITRs and bank account statements with any of you Journos who can trade in their Lala / Editor in Chiefs same docs in return. Hai aukaad?!” he mentioned on X. 

Impact on BluSmart's Operations

During the current investigation, BluSmart has cancelled bookings of rides in Delhi-NCR and Bengaluru. The company has informed customers that wallet refunds of up to 90 days are being processed if services are not started. This move has made several drivers jobless and created doubts over the future of the startup.

The SEBI probe remains ongoing, with its focus mainly on Anmol Singh Jaggi and the suspected misappropriation of funds. Grover insists that he is an investor who has been impacted by the circumstances, without any role in the suspected mismanagement.