Ride sharing company BluSmart Mobility, popularly known as BluSmart on Friday made a bizarre post on X (formerly twitter), which has since gone viral. The odd post claimed that the founders have the company of engaged in fraudulent behaviour and that the company has been shut since February 2025.
“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’s wrote on its official X handle.
The post soon viral on social media and made its way into several memes as speculations rose on whether it was made by a whistleblower or it was the company itself.
This post and the claims of the company being fraudulent and its employees not receiving their salary for the last four months float a little more than two months after markets regulator SEBI upheld its interim order restraining Gensol Engineering and its former directors Anmol Singh Jaggi and Puneet Singh Jaggi from the securities markets on concerns over fund diversion and corporate governance failures.
Gensol Engineering and BluSmart Mobility share common promoters. Anmol Singh Jaggi and Puneet Singh Jaggi along with Punit K Goyal founded BluSmart Mobility.
In July, SEBI had said that the Jaggi brothers would continue to be debarred from holding the position of a director or key managerial personnel in Gensol, reported news agency PTI.
The brothers had been accused by Sebi of siphoning off loan funds from their publicly-listed company Gensol for personal use, raising concerns over corporate governance and financial misconduct.
The final order comes as the company undergoes insolvency proceedings under the supervision of a court-appointed professional.
According to the order, Puneet Singh Jaggi argued that he was not actively involved in the company’s daily operations as he had moved to Bangalore to focus on another venture.
Sebi rejected this defence, noting that Jaggi holds a position of responsibility as a director and cannot disclaim involvement, especially when he appears to be a direct beneficiary of diverted funds through an entity named Wellray.
In its interim order, Sebi noted that funds meant for EV purchases were often routed back to Gensol or entities linked to Jaggi brothers. Some of the funds were used for personal expenses of the promoters, such as the purchase of a luxury apartment, transfers to close relatives, and investments benefiting private entities owned by the promoters, the report read.
Following the order, the brothers had stepped down as directors of the company.