India's market regulator is investigating Gensol Engineering for alleged misuse of electric vehicle loans, implicating BluSmart, a ride-hailing startup co-founded by Gensol's founders. Securities and Exchange Board of India (SEBI) has barred Anmol and Puneet Singh Jaggi from key roles as they investigate claims of redirected funds for personal use. Gensol reportedly defaulted on loans intended for purchasing EVs for BluSmart. Meanwhile, BluSmart faces challenges with cash burns and has shut down its Dubai service, exploring new strategies to sustain operations in India.