The Blusmart electric taxi service designated Grant Thornton for a forensic audit after regulatory investigation found that his co -founder supposedly diverted and used poorly used funds that were destined to buy cars, two people said with direct knowledge.
A rival of Uber’s extinction and India, the extinction became very popular with its totally electric fleet of more than 8,000 taxis, establishing large -scale centers in cities such as New Delhi, Mumbai and Bengaluru. In 2023, the company said it had a 9 percent market share in New Delhi.
Extramarart suspended the services last week after Sebi prohibited his co -founder Anmol Jaggi from the stock market due to the alleged diversion of funds from his affiliated company from his list, Gensol, for personal gains, which include buying a $ 5 million.
Jaggi has not commented on the regulator’s action.
Due to these findings, the extinction has designated Grant Thornton to carry out a forensic audit of the transport company, the sources said, which decrease to be named as the appointment is confidential.
The first source said that Grant Thornton has had the task of observing the company’s cash position and reviewing the movement of funds. The source added that Blusmart’s cash position was worrisome.
Grant Thornton will have to find “where the funds are going. If there was fraud there,” said the person.
Fuller, which is backed by BP Ventures, a British British BP arm or oil, did not respond to a request for Reuters comments.
Jaggi and Grant Thornton did not respond either.
BP’s risk arm did not immediately respond to a request for comments by email.
Gensol, where Jaggi is the managing director, used to acquire electric vehicles and then lease them to extinguish them.
Sebi examined loans of $ 78 million of gensol tasks and the foundations were, through layer transactions, partly used to buy a high -end apartment in a residential complex expectation near New Delhi.
The market regulator said there was a “complete breakdown of internal controls” and ordered a forensic audit in Gensol.
Gensol has said that he will comply with the directives of the market regulator. Their actions have lost almost 90% this year.
Posted on April 23, 2025