ED Detains BluSmart Cofounder Puneet Jaggi

The Enforcement Directorate reportedly detained BluSmart cofounder Puneet Singh Jaggi from a hotel in New Delhi today.

As per news agency PTI, Jaggi was picked up on the same day on which the ED conducted raids at multiple premises linked to his company Gensol Engineering. As per the report, the searches were carried out at the company’s premises in Delhi, Gurugram and Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA).

While Jaggi was detained by the ED from a Delhi hotel, sources reportedly said that his sibling and another BluSmart cofounder Anmol Jaggi is currently in Dubai.

Inc42 has reached out to Gensol for comments on the development. The story will be updated on receiving a response.

The development comes days after SEBI, in an interim order, said that the and treated the capital as their “piggybank”. The report also noted that the duo used the company’s funds to buy a flat in DLF’s ‘The Camellias’, invest in Ashneer Grover’s ‘Third Unicorn’, and more.

(This is a breaking story and will be updated soon.)

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