A Viral Post That Shook the Internet
In a dramatic twist, all-electric ride-hailing platform BluSmart found itself at the centre of social media chaos after a post from its verified X account accused its founders of fraud and announced the company’s shutdown. The post also alleged that employees had gone unpaid for months and urged customers not to expect refunds, sparking confusion, disbelief, and heated speculation online.
The message, posted on Friday, read, “Everyone, BluSmart company has been shut since February 2025. Founders have done the fraud. Do not expect any refund of your wallet money. Even the employees have also not got their four months’ salary. No point messaging on social media.”
Within minutes, the post went viral, with users questioning whether the account had been hacked or if the message was a whistleblower revelation from within the company. Some joked that an angry intern might have posted it, while others expressed concern about the company’s silence on the matter.
Confusion and Speculation Spread Online
As the post spread rapidly, social media became flooded with reactions. Memes and sarcastic comments poured in, with one user writing, “Intern still had the credentials and took revenge,” while another suggested, “Please reword the bio to: Fraud, zero refund, always.”
While some took the allegations at face value, others suspected that the account had been compromised. BluSmart has yet to issue an official clarification, further deepening uncertainty about the authenticity of the post.
Regardless of the cause, the viral episode once again spotlighted BluSmart’s financial turmoil, which has been unfolding for months amid regulatory investigations and insolvency proceedings.
BluSmart’s Ongoing Financial Troubles
Once considered one of India’s most promising electric vehicle startups, BluSmart’s downfall has been swift and steep. Earlier this year, the National Company Law Tribunal (NCLT) in Ahmedabad admitted an insolvency plea filed by Catalyst Trusteeship, a financial creditor, over unpaid dues of approximately ₹1.28 crore. Following the admission, the tribunal initiated a corporate insolvency resolution process and appointed NPV Insolvency Professionals Pvt Ltd as the Interim Resolution Professional.
The company’s financial strain extended to its major shareholder, Gensol Engineering, and its subsidiary Gensol EV Lease, both of which are also undergoing insolvency proceedings.
SEBI Investigation and Founder Allegations
The Securities and Exchange Board of India (SEBI) has been investigating BluSmart’s co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi, for alleged fund diversion and misuse of company resources. The brothers are accused of channeling corporate funds for personal gains, including luxury real estate purchases and high-value items.
In addition to financial irregularities, SEBI’s inquiry also involves allegations of stock manipulation related to Gensol Engineering, where the founders reportedly influenced share prices for personal benefit.
In February, SEBI barred Anmol Singh Jaggi from participating in the securities market, a major setback that preceded BluSmart’s operational suspension.
What Happens Next for BluSmart and Its Customers
Following the NCLT order, BluSmart’s operations have largely ceased, and a moratorium has been imposed on asset recovery and transfers. Customers who had money stored in their in-app wallets have been left uncertain about the fate of their balances.
Legal experts suggest that refund eligibility may depend on the company’s prepaid payment instrument licence and the outcome of the insolvency resolution process. However, given the company’s ongoing investigations and frozen assets, refunds may take time or even remain unresolved.
The End of a Promising Vision?
BluSmart entered India’s ride-hailing space in 2019 as a sustainable alternative to traditional cab services, powered entirely by electric vehicles. It quickly attracted investor interest, expanded in major cities, and was often hailed as one of India’s clean mobility pioneers.
But over the last year, rising debts, management disputes, and allegations of fund misuse have overshadowed its early success. The viral X post — whether an insider leak or an act of hacking — only reinforces how far the company has fallen from its once bright reputation.
As investigations continue and insolvency proceedings move forward, BluSmart’s story stands as a cautionary tale about the fragile balance between rapid growth and financial governance in India’s startup ecosystem.
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