⁠Mismanagement, Scamster! BluSmart Cab Saga Triggers Furore On the Internet

New Delhi: The BluSmart Cab Saga involving Anmol Singh Jaggi and Puneet Singh Jaggi and the Gensol Engineering Limited (GEL) has sparked a massive uproar on the internet with netizens questioning the integrity in and financial mismanagement of founders in the business world.

This comes after the Securities and Exchange Board of India ( SEBI ) issued a strict order against GEL and its promoters, the Jaggi Brothers over the misuse and diversion of funds for personal expenses.

Also Read: Gensol Engineering SEBI Order: Rs 50 Crore Flat, Startup Investment, And Others – How BluSmart Promoters' Misused Funds?

‘What A Shame… Scamster’: BluSmart Saga Triggers Massive Uproar on the Internet

The BluSmart Cab Saga has triggered a massive furore on the internet with netizens lashing out at the deceit and greed of business founders, the drastic drop in their integrity and financial mismanagement that brings shame to the country. 

An ‘X’ (formerly known as Twitter) user by the username of @rajivtalreja said, “What a shame… BluSmart goes down thanks to yet another case of Founders diverting funds for personal use…Indian Founders need to do some serious soul searching… Most of these Startup bros are a classic case of sharp minds with a business idea, raising money on astronomical valuations, but lacking the intent and integrity to build something long term… The moment these jokers raise money, their greed takes over, their pants drop in desperation and they do stupid things only to get exposed and bring more shame to India… Laanat hai inn bewakoofon par…”

Emphasising on the importance of integrity in the business world, another ‘X’ user by the name of @iashishjuneja said, “Really sad to see another promising startup struggle due to financial mismanagement—integrity matters more than ever in the ecosystem.”

Taking a dig at BluSmart by disclosing the company's list of investors and shareholders, X user @malpani said, “Looks like BluSmart took lots of investors for a ride (pardon the pun!)”

An ‘X’ user @GabbarSingh said, “I have realised to create wealth in India just being smart isn’t enough, you have to be BluSmart.”

Another, by the username of @showmedamani explained, “The saddest part of the whole Gensol & BluSmart saga is that from now on, founders with real intent who step in front of investors will have to face the burden of this deceit. Let’s not let fraud define the future.”

A netizen on ‘X’ by the name of @jg7612 called out the independent directors for their lack of accountability and action; he said, “What is role of independent directors in Gensol saga,As usual there is no accountability and action.”

Flagging the latest risks and issues of India's corporate ecosystem, an ‘X’ user @mkpandey67 said, “Degrading #Ethical & #Governance standard are the biggest #risks for corporate india now. Complex web of corporate entities must be discouraged. Sad that institutions like IREDA & PFC have not learnt any lession even from #ILFS fiasco. #SEBI #gensolengineering #bluesmart”

All About BluSmart Cab Saga

The SEBI order issued on Tuesday has raised concerns over both Gensol Engineering and BluSmart, a prominent electric cab startup co-founded by Anmol Jaggi. The investigation alleges that funds earmarked for Gensol’s electric vehicle (EV) operations were diverted for personal use, raising concerns about BluSmart’s financial integrity.

BluSmart, known for its growing footprint in India’s EV cab sector, is now under scrutiny following SEBI’s findings that Gensol misappropriated loans meant for EV purchases. The funds, which were supposed to be used for acquiring electric vehicles, were allegedly spent on unrelated personal expenditures and other non-core investments.

According to SEBI, Gensol obtained financing from the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC) to purchase 6,400 electric vehicles. However, the company ended up acquiring only 4,704, with approximately ₹262 crore reportedly misused. The probe suggests that the unaccounted funds were spent on luxury real estate and investments in unrelated ventures.