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BluSmart suspends services after ₹262 cr EV loan scam
India Today
Follow
4/18/2025
BluSmart, India's all-electric cab startup, has halted operations in major cities after a massive fraud case surfaced.
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Transcript
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00:00
Looks like BlueSmart took a lot of investors for a ride.
00:03
As a frequent BlueSmart user, the news of the service shutting down hits hard.
00:07
Vistara gone, Jet Airways gone, BlueSmart gone,
00:10
the nicer forms of transport all shut down overnight.
00:13
Here's the thing.
00:14
BlueSmart, the cab company that promised a cleaner, greener ride future,
00:18
just hit a massive speed bump.
00:20
The all-electric ride-hailing startup has suspended operations in Delhi,
00:23
Bengaluru and Mumbai, leaving thousands of users stranded.
00:26
And the reason?
00:27
Fraud.
00:28
Allegedly, a massive one.
00:30
BlueSmart's co-founder, Anmol Singh Jaggi, along with his brother, Puneet,
00:33
is under fire after Sebi accused them of treating their parent company,
00:37
Jensol, like a piggy bank.
00:38
Out of a Rs. 978 crore loan meant to buy electric vehicles,
00:42
nearly Rs. 262 crore is now missing.
00:45
Where did it go?
00:46
According to Sebi, the Jaggi brothers spent it on personal luxuries,
00:50
including a swanky apartment in the DLF Camellias,
00:53
a super luxury residential project in Gurgaon.
00:55
It is the kind of address where startup founders and business tycoons live.
00:59
And now, allegedly, so does your public money.
01:02
So, where did the money go?
01:04
Rs. 6.2 crore allegedly diverted to Anmol's mother, Jasminder Kaur,
01:08
while his wife, Mugda Kaur Jaggi, received Rs. 2.98 crore.
01:12
Further, extravagant personal spending included Rs. 26 lakh on a golf set
01:17
and Rs. 3 lakh spent through Make My Trip for Travel.
01:20
Founded in 2018, BlueSmart had all the right buzz.
01:23
Electric-only rides, zero emissions, prompt service.
01:27
By 2024, it had over 8,500 EVs, 5,800 chargers and 10,000 plus drivers.
01:33
Now, bookings are suspended, users have been told to sit tight
01:37
and if service doesn't resume in 90 days, wallet balance might get refunded.
01:42
Word is, BlueSmart might exit the cab biz altogether
01:44
and start operating as a fleet partner for Uber.
01:47
Meanwhile, employees haven't been paid for March 2025.
01:51
Jaggi admitted to cash flow issues in an internal mail
01:54
but promised all dues by April end.
01:56
Sebi has banned the Jaggi brothers from holding key positions
01:59
or touching the securities market.
02:01
A forensic audit is on.
02:02
So, was BlueSmart a clean ride cover for something murkier?
02:06
What do you think?
02:06
Let us know in the comments below.
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