From Our Special Desk : Eastern Chronicle 24×7, The 27th April, 2025.
- BluSmart, electric Cab Service Provider, specially Airport services, halts operations Countrywide, as founder faces Regulatory Setback.
- Investigation finds, co-founder misused funds, bought Luxury Homes, deal with DLF.
- Indian Electric Cab, which popular in some years, not responsible for it’s fleet Drivers.
- More than, 8,000 taxi, cab drivers throughout Countrywide, faces sudden suspension, due to company founder’s regulatory setback.
An Electric Cab Service Provider Company, specially in Indian Airport services, BluSmart, a rival of Uber, suddenly suspended it’s services Countrywide, specially Indian Capital City New Delhi, Bangaluru, Mumbai on Thursday, two days after the Country ‘s Market Regulatory ,SEBI, alleged it’s Company co-founder misused funds at an affiliate company and Bought a Luxury Apartment with money allocated for electric vehicles.
BluSmart rode India’s ‘ Clean Energy ‘ boom, but sudden Suspension puts the Livelihoods of Thousands of Drivers at Risks, with more than 8,000 taxis, electric cars, cabs. With it’s Charging Hubs in Mumbai, Delhi & Bengaluru, with it’s Ride hailing with Uber and Ola, who both largely use ride hailing with BluSmart which use gasoline powered fleets.
” We have decided to ‘ Temporarily ‘ close Bookings on the BluSmart App ” – the Company sending an email to it’s Booking or App Users Customers , without providing any Proper Reasons of Avoiding Bookings or Suspension of Bookings.
Amid concerns expressed on Social Media about the BluSmart App Users funds Blocked in App Wallets, while the Company email respond that, ” the Company will initiate about Wallet fund refund within the 90 Days Next, if service don’t resume before then ‘.
The Securities and Exchange Board of India,(SEBI), barred Anmol Jaggi, the Co-founder of the Company, BluSmart, and his Brother Puneet from Stock Market this week, and ordered a Forensic Investigation against their enlisted Solar Energy Company, gensol, which used to procure electric vehicles and then Lease them for Ride-hailing with Uber, Ola, like companies.
” There is complete breakdown of internal control & corporate governance norms in gensol….., the funds diversions primarily occoured in with the context of electric vehicles purchases intended for leasing to a related party…… “.- SEBI said in it’s order this week.
” The funds, availed by gensol, & BluSmart, as Loans, use for procurement of EV’s, through layered transactions, partially used for Buying a high-end Apartments in ‘ The Camellias, DLF ‘, for more than 5 million Dollars(U S.), as SEBI concludes.
Other allegation of fund diversion by Anmol Jaggi, according to SEBI, Loan funds used for ‘ personnel use ‘,and a 30,380 U.S. Dollars only used to purchase of ” Golf Sets “., the Regulatory Authority orders stated.
