VatsalThe Dirty Truth Behind BluSmart, Gensol & India’s Green Dream Gone Wrong 💸💥
“Go Green,” they said. “Save the planet,” they promised. Instead, they saved luxury apartments, fattened their wallets, and left the common taxpayer to foot the bill
India’s shiny electric vehicle dream has turned into a nightmarish black hole of corruption, cover-ups, and luxury real estate investments. The flagship EV policy—touted as the silver bullet to cut pollution—now appears to be nothing more than a well-wrapped con job bleeding taxpayers dry.
And at the heart of it lies BluSmart Mobility, a startup-turned-electric-cab-giant backed by big loans, flashy PR, and shady money trails.
🔌 BluSmart: EV Messiah or Mega Scam?
BluSmart Mobility boasts a fleet of 8,000 electric vehicles across Delhi-NCR and Bengaluru. Founded in 2019 by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal, the company quickly rose to prominence as India’s first all-electric ride-hailing platform.
But here’s the million-dollar question
How does a four-year-old startup afford 8,000 EVs and pay salaries to full-time drivers—WITHOUT even turning a profit?
The answer: Government money. Your money.
🕸️ A Web of Companies. A Web of Lies.
The Jaggi Brothers, Anmol and Puneet (not to be confused with “that” godman), run a maze of companies based in Ahmedabad, all tightly interlinked and engineered to move money, dodge accountability, and milk the system.
One such company: Gensol Engineering Ltd, the official leasing partner that supplied cars to BluSmart. And guess what?
🔻 ₹977 CRORE in loans were sanctioned to Gensol by IREDA and Power Finance Corporation—both government-owned institutions.
🔻 Out of this, ₹664 Cr was meant to purchase 6,400 EVs
🔻 Only 4,704 cars were bought for ₹567.73 Cr
🔻 ₹262 CRORE IS MISSING
🏙️ Where Did the Money Go?
SEBI recently investigated the matter after a whistleblower alert. Their findings? SHOCKING:
- ₹100 crore apartments bought in The Camellias, DLF Gurgaon—India’s most luxurious and exclusive housing project.
- ₹5 Cr transferred between shell companies and bounced back as “advances”
- Money redirected to family members, spouses, and personal investments
- ₹50 lakh thrown into Ashneer Grover’s startup Third Unicorn Pvt. Ltd.
- FAKE claims of orders for 30,000 EVs and a “factory” that didn’t exist (only 3 employees present!)
🚗 EV Subsidies: A Goldmine for the Rich?
Let’s not forget, each EV got:
- ₹1.5 lakh FAME-II subsidy (until 2020)
- GST exemptions
- Road Tax Waivers
That’s an average of ₹6 lakh per vehicle, adding up to ₹282 crore in public subsidies—just for 4,704 cars!
All this, while regular Indians pay 18% GST on popcorn, milkshakes, and apartment maintenance bills.
And if you thought that was outrageous—EV Rolls Royce buyers are eligible for over ₹5 CRORE in tax breaks. Yes, you read that right.
💼 Investor Mania & A Vanishing Act
BluSmart also raised ₹4,133 crore from global and Indian investors, including:
- BP Ventures
- Green Frontier Capital
- MS Dhoni (Yes, the cricketer!)
Even ₹645 crore more came from Power Finance Corporation.
But with no transparency, no profits, and hundreds of crores missing, the startup’s balance sheet reads more like a crime thriller than a business ledger.
🧠 Wake Up, India: Is This About Carbon or Corruption?
This isn’t just about EVs. This is about a broken system. A system where the rich get subsidies for luxury cars while the poor are taxed for survival. A system where green energy becomes a greenwashing scheme for laundering money and buying real estate.
We’re being sold a dream while they’re buying mansions.
💥 Final Thought:
The next time someone says “EVs are the future,” ask them:
“Future for whom? The climate? Or the crooks?”
And remember — every ‘Like’ for climate change on Instagram is paid for by the ₹ you gave up at the petrol pump.
NOTE: The entire article is based on personal research conducted online.
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Vatsal
