“Do Not Expect Any Refund”: BluSmart social media post alleges founder fraud

BluSmart, the all-electric ride-hailing company, announced on X that it had ceased operations earlier this year, alleging fraud by its founders. The company cautioned users against expecting refunds, stating that even employees had not received their salaries for the past 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.”

The post quickly went viral, leaving users divided over whether it was a whistleblower revelation or simply an angry ex-employee venting frustrations. Within hours, social media was flooded with reactions, memes, and amateur sleuthing as people tried to figure out who still had access to the company’s account- and why they chose to make such a public statement.

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 (@BluSmartIndia) October 10, 2025

The sudden announcement also raised doubts about its authenticity, with many speculating that it might have come from a disgruntled employee. One user commented, “Intern still had the creds and took revenge.” Another wrote, “Looks like someone from the social media team with the credentials tweeted this out of frustration over not receiving their four months’ salary.”

According to a Mint report, BluSmart, co-founded by Gensol Engineering director Anmol Singh Jaggi, suspended services earlier this year after the Securities and Exchange Board of India (SEBI) barred Jaggi from the securities market in February.

The ban came after allegations that Jaggi diverted funds from his publicly listed affiliate, Gensol, for personal use- including buying a luxury apartment and an expensive golf set.

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

As per Mint, the creditor alleged that BluSmart had defaulted on several payments due in February, March, and April, amounting to Rs 1.28 crore, leading to the insolvency plea filed on July 29, 2025.