Blusmart owner 'squandered' the loan money given to the company on debauchery, now questions are being raised

Blusmart cab scandal: The case of Anmol Singh Jaggi and Puneet Singh Jaggi associated with Blusmart Cab and Gensol Engineering Limited is being discussed a lot on the internet these days. People are questioning on social media whether honesty and proper use of money is being done in the business world or not.

Strict action against Jaggi brothers

This controversy increased when SEBI took strict action against GEL and its owners i.e. Jaggi brothers. SEBI says that they misused the company's money and spent the company's money for their personal needs.

What is the whole matter?

According to media reports, SEBI has reported that Anmol Singh Jaggi transferred Rs 25.76 crore from Gensol company to his personal accounts and some linked companies. Some of this money was also sent to Ashneer Grover's company Third Unicorn.

Two government finance agencies named IREDA and PFC gave a total loan of Rs 978 crore to Gensol between 2021 and 2024. Out of this, Rs 664 crore was specifically to buy 6,400 electric vehicles (EVs), which were to be later rented to BlueSmart. But in February 2025, the company said that they have purchased only 4,704 vehicles so far.

Misuse of company's money

On social media, people are expressing strong displeasure over the greed, fraud and decline in honesty of some founders of the business world. People are saying that such irregularities are also harming the country.

"I have understood that being smart is not enough to make money in India, you have to be BluSmart too," wrote a user on social media X.

Another user wrote, "The saddest part of the whole Gensol and BluSmart story is that from now on, the founders who come to the investors with real intentions will have to bear the brunt of this fraud."

A netizen on 'X' questioned the independent directors for their lack of accountability and action. He said, "What is the role of independent directors in the Gensol story? As always, there is no accountability and action here."