BluSmart Shut Down Since February 2025: Wallet Refund for Customers and 4-Month Salary for Employees Still Pending

BluSmart Mobility, the India-based electric mobility startup, via its official X handle has shared that the company has been shut down since February 2025, leaving consumers and people across social media handles baffled. The company is still yet to roll out wallet refunds and pending salaries, but the X post claims that there is no point in messaging for it.

Read more about it below.

Founders’ Fraudulent Activity Leads to BluSmart Shut Down

As mentioned, BluSmart has now shared an X update addressing everyone and confirming that the company has been shut down since February 2025. The X post shared goes onto reveal that its founders – Anmol Singh Jaggi and Puneet Singh Jaggi (both of them brothers) have indulged in fraudulent activities, bringing this fate upon the startup. It has also been noted that there is no point in expecting the wallet money refund and even the company’s employees haven’t received four months of their salary. Trying to contact the company by messaging on social media platforms is also of no use, states the X post.

As per the investigations conducted by SEBI (Securities and Exchange Board of India), it was found out that the two brothers had diverted loan funds from Gensol Engineering (another company founded by the two) for their personal needs. About INR 97 crores was secured by Gensol Engineering as loan (INR 71.41 crores from IREDA and an added INR 26 crores) and while the funds were initially sent to an auto dealer (Go-Auto), a major part of it (around 50 crores) went to Capbridge Ventures (another company founded by them) along with other personal expenses and investments in assets.