Ashneer Grover, co-founder of BharatPe and a personal investor in BluSmart, has responded to the ongoing SEBI probe into Gensol Engineering and BluSmart’s sudden suspension of services, asserting that he is a “victim” of the situation. In a public statement, Grover disclosed that he had invested ₹1.5 crore in BluSmart and ₹25 lakh in Matrix, expressing disappointment at being associated with the controversy.
He emphasized that he has no operational involvement in either Gensol or BluSmart and is merely a shareholder. “It’s shameful that my name and my company’s name are being dragged into this fiasco,” Grover wrote on X, adding that he hopes BluSmart survives the crisis for the sake of its stakeholders.
Grover also offered to publicly share his bank statements and tax records to prove transparency, clarifying that in private companies, shareholders—not the company—are responsible for declaring the source of their investment funds. He stated, “A private limited company isn’t accountable for verifying shareholders’ conduct or the origin of their funds.”
The controversy arose following a SEBI investigation that accused Gensol Engineering co-founders Anmol and Puneet Singh Jaggi of financial misconduct. SEBI found that funds intended for BluSmart’s EV purchases were misused for personal benefits, including buying luxury property, manipulating Gensol’s stock price, and unauthorized personal spending. SEBI has since barred the promoters from the securities market and ordered a forensic audit of Gensol’s finances.
