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India’s BluSmart swept up in Gensol investigation alleging misuse of EV loans
India's market regulator launched a probe Tuesday into Gensol Engineering after finding alleged misuse of electric vehicle loans. BluSmart, a ride-hailing
In its interim order, the regulator accused the Jaggi brothers of redirecting substantial loan amounts for personal use, including buying luxury real estate on the outskirts of India’s capital. The order comes over a month after credit-rating agencies downgraded Gensol, raising concerns over the delays in the company’s debt servicing and corporate governance practices. The ride-hailing startup planned to pivot into a fleet partner for its arch-rival Uber, the Indian newspaper Economic Times reported earlier this week, citing people familiar with the developments.
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