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