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‘Founders have done the fraud. Do not expect any refund of your wallet money’: BluSmart tells customers

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BluSmart has once again drawn attention after a post from its official X (formerly Twitter) account on Friday claimed that the company “has been shut since February 2025” and warned customers not to expect refunds of their wallet balances, alleging that its founders had committed fraud. 

“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 post read.

BluSmart, however, had officially suspended operations in April 2025 after SEBI issued an interim order alleging fund diversion by co-founder Anmol Singh Jaggi; his brother and co-founder Puneet Singh Jaggi was also barred. The company has been under insolvency proceedings since July 2025, according to its website. 

Before its collapse, BluSmart had raised over $100 million across funding rounds and claimed to have completed more than 10 million electric rides.

Ever since the shutdown, social feeds have filled with refund pleas and missed-deadline posts, including users who say BluSmart promised 90-day refunds that never came.

Several social media users highlighted that they were able to recover their stuck wallet money through credit card chargebacks, citing successful refund cases after disputing transactions with their banks.

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