‘Victim of current state of affairs’: Ashneer Grover defends Rs 1.5 crore Blusmart investment amid Sebi crackdown

Ashneer Grover (File photograph)

Ashneer Grover, co-founder of BharatPe and a private investor in BluSmart, has spoken out following the Sebi crackdown on Gensol Engineering and the sudden suspension of operations by EV cab service supplier, calling himself a “victim” of the scenario.
Grover revealed that he had invested Rs 1.5 crore in BluSmart and Rs 25 lakh in Matrix, expressing concern over the corporate’s current troubles. “Dragging my and my company’s name in this Gensol/BluSmart fiasco is rather shameful,” he mentioned in a public assertion. “In fact, I am the ‘victim’ of the current scenario, having personally invested in BluSmart.”
” I am the ‘victim’ of the current scenario having personally invested Rs 1.5 cr in BluSmart and Rs 0.25 cr in Matrix. I hope the business / company can survive the current fiasco for sake of its stakeholders,” he added to his a publish on X.
Emphasizing that he holds no operational position in both Gensol or BluSmart, Grover clarified that he was merely a shareholder and never concerned in any managerial or monetary choices. He added that he hoped BluSmart might survive the current disaster “for the sake of its stakeholders.”
Grover additionally provided to make his checking account and tax return particulars public to show the legitimacy of his involvement. He underscored that in a non-public restricted firm, it’s the duty of incoming shareholders to declare their supply of funds, not the corporate’s obligation to confirm them. “A private limited company is not liable for the conduct of shareholders or for ascertaining their source of funds,” he acknowledged.
Background: SEBI crackdown and BluSmart service shutdown
The controversy started after a SEBI investigation levelled severe monetary misconduct by Anmol and Puneet Singh Jaggi, co-founders of Gensol Engineering. The probe revealed that the promoters had diverted a good portion of firm funds—initially meant for buying electrical automobiles for BluSmart—in the direction of private positive aspects.
This included shopping for a luxurious house in Gurugram, inflating Gensol’s inventory costs via manipulated trades, and utilizing firm funds for unrelated private bills. The investigation additionally flagged cast paperwork and violations of company governance norms. In response, SEBI barred each promoters from the securities market and ordered a forensic audit of Gensol’s monetary data.