India’s ambitious shift toward electric mobility has seen startups rise and scale rapidly, promising cleaner cities and smarter transport. BluSmart, one of the frontrunners in this EV revolution, was seen as a shining example of sustainable innovation. With its fleet of all-electric cabs and charging infrastructure in urban hubs, BluSmart was poised to disrupt the ride-hailing space long dominated by Ola and Uber. But that vision has now been clouded by a massive corporate scandal involving fraud, fund diversion, and governance failures , shaking not just investors but the entire EV startup ecosystem. What Happened? The Securities and Exchange Board of India (SEBI) launched an investigation into Anmol Singh Jaggi , co-founder of BluSmart Mobility and Managing Director of Gensol Engineering Ltd , which is BluSmart’s parent and funding partner. SEBI’s findings were damning: Anmol Jaggi diverted public funds meant for EV procurement and business operations toward personal l...
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