\u2018What A Shame\u2026 Scamster\u2019: BluSmart Saga Triggers Massive Uproar on the Internet<\/strong> <\/p>\nThe BluSmart Cab Saga has triggered a massive furore on the internet with netizens lashing out at the deceit and greed of business founders, the drastic drop in their integrity and financial mismanagement that brings shame to the country.\u00a0<\/p>\n
An \u2018X\u2019 (formerly known as Twitter) user by the username of @rajivtalreja said, \u201cWhat a shame\u2026 BluSmart goes down thanks to yet another case of Founders diverting funds for personal use\u2026Indian Founders need to do some serious soul searching\u2026 Most of these Startup bros are a classic case of sharp minds with a business idea, raising money on astronomical valuations, but lacking the intent and integrity to build something long term\u2026 The moment these jokers raise money, their greed takes over, their pants drop in desperation and they do stupid things only to get exposed and bring more shame to India\u2026 Laanat hai inn bewakoofon par\u2026\u201d<\/p>\n
Emphasising on the importance of integrity in the business world, another \u2018X\u2019 user by the name of @iashishjuneja said, \u201cReally sad to see another promising startup struggle due to financial mismanagement\u2014integrity matters more than ever in the ecosystem.\u201d<\/p>\n
Taking a dig at BluSmart by disclosing the company’s list of investors and shareholders, X user @malpani said, \u201cLooks like BluSmart took lots of investors for a ride (pardon the pun!)\u201d<\/p>\n
An \u2018X\u2019 user @GabbarSingh said, \u201cI have realised to create wealth in India just being smart isn\u2019t enough, you have to be BluSmart.\u201d<\/p>\n
Another, by the username of @showmedamani explained, \u201cThe saddest part of the whole Gensol & BluSmart saga is that from now on, founders with real intent who step in front of investors will have to face the burden of this deceit. Let\u2019s not let fraud define the future.\u201d<\/p>\n
A netizen on \u2018X\u2019 by the name of @jg7612 called out the independent directors for their lack of accountability and action; he said, \u201cWhat is role of independent directors in Gensol saga,As usual there is no accountability and action.\u201d<\/p>\n
Flagging the latest risks and issues of India’s corporate ecosystem, an \u2018X\u2019 user @mkpandey67 said, \u201cDegrading #Ethical & #Governance standard are the biggest #risks for corporate india now. Complex web of corporate entities must be discouraged. Sad that institutions like IREDA & PFC have not learnt any lession even from #ILFS fiasco. #SEBI #gensolengineering #bluesmart\u201d<\/p>\n
All About BluSmart Cab Saga <\/p>\n
The SEBI order issued on Tuesday has raised concerns over both Gensol Engineering and BluSmart, a prominent electric cab startup co-founded by Anmol Jaggi. The investigation alleges that funds earmarked for Gensol\u2019s electric vehicle (EV) operations were diverted for personal use, raising concerns about BluSmart\u2019s financial integrity.<\/p>\n
BluSmart, known for its growing footprint in India\u2019s EV cab sector, is now under scrutiny following SEBI\u2019s findings that Gensol misappropriated loans meant for EV purchases. The funds, which were supposed to be used for acquiring electric vehicles, were allegedly spent on unrelated personal expenditures and other non-core investments.<\/p>\n
According to SEBI, Gensol obtained financing from the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC) to purchase 6,400 electric vehicles. However, the company ended up acquiring only 4,704, with approximately \u20b9262 crore reportedly misused. The probe suggests that the unaccounted funds were spent on luxury real estate and investments in unrelated ventures.<\/p>\n","protected":false},"excerpt":{"rendered":"BluSmart Cab saga triggers Furore on the internet | Image: BluSmartIndia New Delhi: The BluSmart Cab Saga involving…\n","protected":false},"author":2,"featured_media":28052,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3161],"tags":[16912,16913,16914,3082,16915,16916,16911,9410,53,16,15,1605],"class_list":{"0":"post-28051","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-internet","8":"tag-blusmart","9":"tag-blusmart-cab-saga","10":"tag-gensol","11":"tag-internet","12":"tag-jaggi","13":"tag-jaggi-brothers","14":"tag-netizens","15":"tag-sebi","16":"tag-technology","17":"tag-uk","18":"tag-united-kingdom","19":"tag-x"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114354428695205287","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/28051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=28051"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/28051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/28052"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=28051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=28051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=28051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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