BluSmart, an all-electric ride-hailing company, has officially announced its cessation of operations since February 2025, attributing the shutdown to alleged fraudulent activities by its founders. The company made this public via a post on X, informing customers not to anticipate refunds for their wallet money, as even its employees have reportedly not received salaries for the past four months. The stark announcement 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 suspension of BluSmart's services earlier this year closely followed market regulator Sebi's decision in February to bar Anmol Singh Jaggi, a co-founder of BluSmart and director of Gensol Engineering, from the securities market. The regulatory action stemmed from serious allegations that Jaggi had diverted funds from Gensol, his publicly listed affiliate, for personal enrichment, including the acquisition of a luxury apartment and an expensive golf set.

Further compounding the company's woes, the National Company Law Tribunal (NCLT) approved insolvency proceedings against BluSmart on July 28, 2025. This decision followed a petition filed on May 13 by financial creditor Catalyst Trusteeship. The creditor claimed that BluSmart had defaulted on multiple payments in February, March, and April, amounting to a total of ₹1.28 crore, which prompted their pursuit of insolvency proceedings, as reported by Mint on July 29, 2025.

The announcement on social media garnered significant reactions from users. Many expressed concern for the unpaid employees, hoping they would receive their outstanding salaries, while others questioned the veracity and source of the claims made in the post. Comments ranged from, "Looks like someone from the social media team with the credentials tweeted this out of frustration over not receiving their four months’ salary," to "Seems like someone who is frustrated got the credentials." Some users also displayed skepticism, with one asking, "Vo to thik h bhai lekin tu hai kon (That is okay brother, but who are you)," while others offered support, "I hope you get your salaries. My best wishes."