MS Dhoni’s investment in Gensol suffers a blow amid financial scandal

Cricketing sensation MS Dhoni’s investment portfolio has suffered another blow—this time due to his backing of Gensol Engineering Ltd. On 15 April, the Securities and Exchange Board of India (SEBI) barred the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding key managerial roles or accessing the securities market.

This is not the first setback for Dhoni in the investment space; he was previously associated with the troubled Amrapali Group, which became embroiled in a legal quagmire.

The regulatory action against the Jaggi brothers followed an investigation that revealed financial mismanagement involving nearly Rs 978 crore in government-guaranteed electric vehicle (EV) loans, which were allegedly diverted for unrelated personal use.

Dhoni’s family office had participated in Gensol’s ₹420 crore Series B funding round. At the time of the investment, Dhoni had expressed optimism about BluSmart—the EV ride-hailing venture co-founded by the Jaggi brothers and a subsidiary of Gensol. “Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation,” the former India skipper had said earlier.

The unfolding financial scandal has cast a shadow over BluSmart, raising concerns about its future even as the capital markets watchdog investigates the company and the Jaggis in the fund diversion and governance lapses case.

The Jaggi brothers, who resigned on April 15, were found to have used the company’s money for personal luxury items, like an expensive apartment in Gurgaon’s DLF Camellias and a golf set worth Rs 26 lakh, according to a report. As shares of Gensol Engineering continued to slump, its independent director Arun Menon has resigned, stating that the promoters had refused to heed his advice on restructuring debt.

Amrapali Groupelectric vehiclesfinancial scandalGensol EngineeringIndian cricketMS DhoniSebiWeb Exclusive