The company didn’t explain why, but this happened just a few days after a big investigation found that one of its co-founders, Anmol Jaggi, misused company money.
Anmol Jaggi, who helped start BluSmart and also runs another company called Gensol, is in trouble with India’s market regulator (SEBI).
Gensol was supposed to buy electric cars for BluSmart, but the money was used instead to buy a luxury apartment in one of India’s most expensive buildings — The Camellias.
SEBI says there were serious problems with how the companies were being run, including a lack of proper financial controls.
BluSmart has over 8,000 electric taxis in cities like Delhi, Mumbai, and Bengaluru. Many drivers depend on it for their income.
Customers who had money in their BluSmart app wallets are now worried about getting refunds. The company said it will return money within 90 days only if services don’t start again before then.
SEBI has barred brothers Anmol and Puneet Jaggi from the stock market and ordered a forensic investigation of their listed solar energy company in Mumbai, Gensol, which used to procure electric vehicles and then lease them for the ride-hailing service.Gensol says it will follow the rules and cooperate.
