Cricket legend MS Dhoni has reportedly incurred a substantial financial blow following a wide-ranging financial scandal that has severely impacted Gensol Engineering Ltd. Dhoni’s significant investment in the clean-tech company has plummeted in value, as Gensol’s share price nosedived by over 96% since April 2025, wiping out considerable wealth for its shareholders, including high-profile investors and the former Indian cricket captain’s family office.
Gensol’s tumultuous journey: From star to scandal
Gensol Engineering, once lauded as a burgeoning powerhouse within India’s electric vehicle (EV) and renewable energy sectors, had rapidly gained prominence. Its Series B funding round attracted considerable attention, drawing investments from the Dhoni Family Office and a consortium of other prominent financial backers. The company’s ambitious vision of fostering sustainable mobility through its EV leasing arm, BluSmart, was widely perceived as a blueprint for the nation’s green future. However, this seemingly robust facade concealed a growing web of financial irregularities and severe governance lapses that would eventually unravel.
The seeds of this crisis were sown in June 2024, when a formal complaint lodged with the Securities and Exchange Board of India (SEBI) triggered a comprehensive multi-agency investigation into Gensol’s intricate operations. SEBI’s meticulous probe unearthed compelling evidence pointing towards rampant price manipulation, the illicit diversion of corporate funds, and profound failures in corporate governance. A particularly damning revelation showed that Gensol had ostensibly borrowed nearly ₹978 crore, earmarked for the acquisition of 6,400 electric vehicles intended for its burgeoning leasing business. Yet, a crucial discrepancy emerged: only 4,704 vehicles were actually procured, leaving a staggering sum of over ₹200 crore conspicuously unaccounted for.
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Repercussions for MS Dhoni after Gensol’s financial deceit
Further in-depth investigations brought to light the alleged actions of the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. They were accused of systematically rerouting a significant portion of these funds for unauthorized personal gains and submitting falsified letters to credit rating agencies in a desperate attempt to conceal their escalating defaults. The National Company Law Tribunal (NCLT), upon reviewing the evidence, found clear prima facie indicators of systemic fraud within the company’s dealings. Consequently, the NCLT issued an immediate order to freeze all bank and demat accounts linked to Gensol, its promoters, and all associated entities. Trading in Gensol’s securities was also promptly suspended on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), effectively halting any further transactions.
The repercussions for Dhoni and other investors have been severe. The Dhoni family office had made a considerable investment as part of Gensol’s ₹420 crore Series B funding round, signifying one of the cricketer’s most significant direct equity market bets. The subsequent catastrophic collapse of Gensol’s stock, from its peak of ₹1,126 to a low of ₹41.14 per share, has resulted in a dramatic and painful erosion of investment value, representing a major financial setback for Dhoni and countless other stakeholders who believed in the company’s promise. This current predicament unfortunately echoes past investment challenges faced by Dhoni, notably his prior association with the now-crisis-ridden Amrapali Group, which similarly culminated in protracted legal battles and financial turmoil.
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