EV ride-hailing startup BluSmart has roped in Grant Thornton to conduct a forensic audit of its books

The move comes after SEBI accused its cofounder Anmol Jaggi of misusing funds meant for buying EVs to buy a luxury apartment

Amid the crisis at Gensol, Inc42 reported that PE firm Eversource Capital is in talks to acquire BluSmart for around INR 800 Cr to INR 1,000 Cr ($90 Mn to $120 Mn)

EV ride-hailing startup BluSmart has reportedly roped in Grant Thornton to conduct a forensic audit of its books after markets regulator SEBI found that two of its cofounders – Anmol Singh Jaggi and Puneet Singh Jaggi – diverted the funds of Gensol Engineering, of which they are the promoters.

The EV startup has brought in Grant Thornton to examine its cash position and track the movement of funds, Reuters reported, citing sources.

As per the report, the cash position of BluSmart is “worrisome” and Grant Thornton has been tasked with finding “where the funds are going” and “whether there was fraud there”.

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

Last week, SEBI barred the Jaggi brothers from the stock market and ordered a forensic audit of Gensol, which procured electric vehicles for BluSmart. The markets regulator said it would also appoint a forensic audit to examine the books of BluSmart’s entities.

Amid the crisis at Gensol, Inc42 reported that On the firm Eversource Capital is in talks to acquire BluSmart for around INR 800 Cr to INR 1,000 Cr ($90 Mn to $120 Mn).

(The story will be updated shortly.)