Blu Smart Scam: ₹850 Crore Fraud That Shook Indian Startups
Today, a massive fraud has shaken the Indian Start-up Ecosystem. The founders of cab service company Blue Smart, Anmol Jaggi and Puneet Jaggi, attempted to rival Uber but their over-smart strategy led to disaster. To build their cab fleet, the Jaggi brothers floated a new company named Gensol Engineering and took a loan of ₹850 Crores from the market. Out of this, only ₹568 Cr was actually used to purchase vehicles. The remaining ₹262 Crores were siphoned off for personal use. When it came time to repay the loan, they failed triggering an SEBI investigation that exposed the entire scam. As a result, SEBI has now banned the Jaggi brothers from the securities market, and Blu Smart is on the verge of collapse. #StartupScam #BluSmartFraud #IndianStartups #BusinessNews #SEBI #AnmolJaggi #PuneetJaggi #UberIndia #DrVivekBindra #BusinessCaseStudy #BusinessScam #BusinessEthics
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