Rs 900 CRORE EV SCAM? #BluSmart #StartupScam #IndianStartups #ev #businessgrowth

Rs 900 CRORE EV SCAM?
India's BluSmart – once praised as the future of ride-hailing – is now under SEBI investigation. Loans meant for electric vehicles allegedly diverted into luxury assets, including a flat in DLF Camellias. 😳
Founded by Anmol Singh Jaggi and Puneet Singh Jaggi, BluSmart took over ₹900 Cr in loans through Gensol. But only ₹600 Cr was used for EVs.
What happened to the rest? SEBI says: fraudulent documentation, debt defaults, and a full-blown financial crisis.
🔻 Gensol stock tanked
📉 BluSmart lost ₹215 Cr in FY23
🚘 3,000 EVs up for sale
💼 Top leadership quit
📦 Shutting down own services
🤝 Now becoming a fleet partner for Uber
This is India’s next Byju’s-level startup collapse. And the biggest lesson?
Raising money ≠ Building a sustainable business.
Without integrity, even the most futuristic ideas fall apart.

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