‘Founders have done fraud. Do not expect any refund…’: BluSmart's social media post sparks debate

Blusmart, an all-electric ride-hailing company, announced on X that it had shut down operations earlier this year, alleging fraud by its founders. It advised customers not to expect refunds, as even the employees had not been paid for four months.

The post read, “Everyone, BluSmart company has been shut since feb’2025. Founders have done the fraud. Do not expect any refund of your wallet money. Even the employees have also not got their 4 months salary. No point messaging on social media.”

Blusmart, co-founded by Gensol Engineering director Anmol Singh Jaggi, suspended its services earlier this year after market regulator Sebi barred Anmol Jaggi from the securities market in February.

The ban followed allegations that Jaggi diverted funds from his publicly listed affiliate, Gensol, for personal use, including the purchase of a luxury apartment and an expensive golf set.

The National Company Law Tribunal approved insolvency proceedings against BluSmart on July 28, following a petition from financial creditor Catalyst Trusteeship filed on May 13.

The creditor claimed that BluSmart defaulted on multiple payments due in February, March, and April, totalling ₹1.28 crore, prompting Catalyst Trusteeship to seek insolvency proceedings against the company, Mint reported on 29 July, 2025.

Social media users react

Several social media users responded to the post, where most wished for employees to receive their salaries, while some questioned the credibility of the claims made in the post.

One of the users wrote, “Looks like someone from the social media team with the credentials tweeted this out of frustration over not receiving their four months’ salary.”

Another user added, “Seems like someone who is frustrated got the credentials."

A user said, “Vo to thik h bhai lekin tu hai kon (That is okay brother, but who are you).”

A user noted, “I hope you get your salaries. My best wishes.”

“Thanks for being frank,” added another.

“Bro how do I hire you?” one of the users questioned.