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.
