BluSmart suspends services after ₹262 cr EV loan scam

India Today

BluSmart, India's all-electric cab startup, has halted operations in major cities after a massive fraud case surfaced.

Transcript

00:00Looks like BlueSmart took a lot of investors for a ride.

00:03As a frequent BlueSmart user, the news of the service shutting down hits hard.

00:07Vistara gone, Jet Airways gone, BlueSmart gone,

00:10the nicer forms of transport all shut down overnight.

00:13Here's the thing.

00:14BlueSmart, the cab company that promised a cleaner, greener ride future,

00:18just hit a massive speed bump.

00:20The all-electric ride-hailing startup has suspended operations in Delhi,

00:23Bengaluru and Mumbai, leaving thousands of users stranded.

00:26And the reason?

00:27Fraud.

00:28Allegedly, a massive one.

00:30BlueSmart's co-founder, Anmol Singh Jaggi, along with his brother, Puneet,

00:33is under fire after Sebi accused them of treating their parent company,

00:37Jensol, like a piggy bank.

00:38Out of a Rs. 978 crore loan meant to buy electric vehicles,

00:42nearly Rs. 262 crore is now missing.

00:45Where did it go?

00:46According to Sebi, the Jaggi brothers spent it on personal luxuries,

00:50including a swanky apartment in the DLF Camellias,

00:53a super luxury residential project in Gurgaon.

00:55It is the kind of address where startup founders and business tycoons live.

00:59And now, allegedly, so does your public money.

01:02So, where did the money go?

01:04Rs. 6.2 crore allegedly diverted to Anmol's mother, Jasminder Kaur,

01:08while his wife, Mugda Kaur Jaggi, received Rs. 2.98 crore.

01:12Further, extravagant personal spending included Rs. 26 lakh on a golf set

01:17and Rs. 3 lakh spent through Make My Trip for Travel.

01:20Founded in 2018, BlueSmart had all the right buzz.

01:23Electric-only rides, zero emissions, prompt service.

01:27By 2024, it had over 8,500 EVs, 5,800 chargers and 10,000 plus drivers.

01:33Now, bookings are suspended, users have been told to sit tight

01:37and if service doesn't resume in 90 days, wallet balance might get refunded.

01:42Word is, BlueSmart might exit the cab biz altogether

01:44and start operating as a fleet partner for Uber.

01:47Meanwhile, employees haven't been paid for March 2025.

01:51Jaggi admitted to cash flow issues in an internal mail

01:54but promised all dues by April end.

01:56Sebi has banned the Jaggi brothers from holding key positions

01:59or touching the securities market.

02:01A forensic audit is on.

02:02So, was BlueSmart a clean ride cover for something murkier?

02:06What do you think?

02:06Let us know in the comments below.

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