BluSmart said on Saturday that its founders have committed fraud and that the company has been shut since February 2025.
“Everyone, Blusmart company has been shut since February ’2025. Founders have committed the fraud. Do not expect any refund of your wallet money,” the collapsed cab service provider said in a social media platform X.
The company added that employees had not received their salaries for four months. “Even the employees have also not got their 4 months salary. No point messaging on social media,” it said.
The post immediately sparked intense speculation online. Many users questioned the authenticity of the post, with some suggesting that the account might have been hacked or that a disgruntled employee was airing the company's dirty laundry.
Users blamed an "intern" with comments like, "intern still had the creds and took revenge", "w intern. cant lose job because it doesnt exist. hope they all get paid soon" and "Looks like someone from the social media team with the credentials tweeted this out of frustration over not receiving their four months’ salary."
Some users enjoyed the drama with comments like, "Account should continue to roast till refunds issued /salaries paid", "founders have done the fraud" is crazy work", and "Change the password and username and keep the account bro... Get your salary somehow." The replies to the post were also filled with memes and GIFs.
BluSmart Crisis
The viral post comes at a time when BluSmart has been facing significant financial troubles. The company is currently undergoing corporate insolvency resolution proceedings, initiated after a petition was filed against the electric cab operator for defaulting on dues. BluSmart suspended operations in April 2025 amid a Securities and Exchange Board of India (SEBI) fraud probe into the founders' misuse of funds.
It's now in insolvency since July 2025, per their site. The claims of no refunds and unpaid salaries align with reports, but the shutdown was in April, not February.
Furthermore, the founders, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also promoters of Gensol Engineering, have been under investigation by the SEBI. The allegations against them include the diversion of company loans for personal use, such as purchasing luxury properties. SEBI had previously barred the Jaggi brothers from the securities market.
The company, as on Jan. 9, had a fleet of over 8,500 electric vehicles and a charging network of 5,800 stations across 50 hubs in Delhi-NCR and Bengaluru, and was supported by 10,000-plus active driver partners.
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