“Founders have done the fraud. Do not expect any refund” : BluSmart’s odd X post goes viral

EV cab startup  BluSmart has again found itself at the center of a social media storm after a shocking post appeared on its official X account. 

The post claimed that the company had shut down operations since February 2025 and accused its founders of fraud. 

Why did BluSmart accuse founders of fraud?

The viral post read, 

“Everyone, Blusmart company has been shut since Feb 2025. Founders have done the fraud. Do not expect any refund of your wallet money. Even the employees have also not got their 4 months salary. No point messaging on social media.”

The message immediately raised questions about whether the company’s social media handle had been hacked or if it was a genuine statement. However, the claims align with BluSmart’s recent troubles. 

Earlier this year, the Securities and Exchange Board of India (SEBI) barred BluSmart’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding positions in their listed firm Gensol Engineering. The regulator alleged that funds meant for purchasing EVs had been diverted for personal use, including luxury property purchases.

Following this,  BluSmart gradually suspended its ride services in Delhi-NCR, Bengaluru, and Mumbai, leaving users unable to book cabs. 

Reports also suggest that the National Company Law Tribunal (NCLT) admitted an insolvency petition against the company over unpaid dues of around ₹1.28 crore.

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What this means for BluSmart’s customers and employees

For customers, the post was a rude shock. 

The statement directly warned, “Do not expect any refund of your wallet money,”implying that pending balances may be lost. 

Many users on social media demanded clarity, while others speculated that the post might have been made by disgruntled employees.

The alleged non-payment of salaries for four months has also sparked anger among former staff. If the post is accurate, it points to serious internal mismanagement and financial distress within the company.

Meanwhile, investors and creditors are exploring legal routes to recover dues. SEBI’s ongoing probe and NCLT proceedings suggest that BluSmart’s troubles are far from over.

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