BluSmart, founded by Anmol Singh Jaggi and Punit K Goyal in 2019, promised to transform Indian mobility with an all-electric cab service. But behind the clean image, a financial scam was taking shape.
Between 2020 and 2023, the company raised ₹978 crores in public loans via Gensol Engineering — also controlled by the same promoters. A major portion of this funding was allegedly diverted towards personal luxury expenses, including premium villas, golf kits, and lavish gifts to relatives.
What began as a green revolution is now under investigation.
Key developments:
SEBI has imposed a ban on the promoters
Grant Thornton is conducting a forensic audit
BluSmart’s cab services have been suspended
Reports suggest Ola may be in talks to acquire the brand.
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