Congress Exposes Massive EV Mobility Scam: BluSmart, Gensol & Govt Agencies Under Fire for Misusing ₹1000+ Cr of Taxpayers’ Money!

#ScamAlert | Congress Exposes Massive EV Mobility Scam: BluSmart, Gensol & Govt Agencies Under Fire for Misusing ₹1000+ Cr of Taxpayers’ Money!

India’s EV Revolution or a Massive Loot? Congress Raises Alarm on Social Media Over BluSmart Mobility Scam Involving Govt Loans and Tax Subsidies

India’s much-hyped Electric Vehicle (EV) revolution—hailed as a green masterstroke to combat pollution—has now come under intense scrutiny after the Congress Party exposed a massive scam on its official social media handles. The party alleged a deep-rooted nexus involving BluSmart Mobility, its parent network of companies, and government financial institutions, leading to a scandal of over ₹1,000 crore in public funds being siphoned off.

At the center of this explosive revelation is BluSmart Mobility, India’s largest electric cab operator with a fleet of nearly 8,000 EVs in Delhi-NCR and Bengaluru. Founded by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal in 2019, BluSmart’s model is based on company-owned cars and salaried drivers, unlike Uber and Ola.

But the key question, now echoed by the Congress Party: How does a startup manage such a massive fleet with no clear source of revenue or assets?

The answer lies in a network of shell-like companies controlled by the Jaggi Brothers, based in Ahmedabad. Through Gensol Engineering Ltd, they received ₹977 crore in loans from IREDA and Power Finance Corporation (PFC)—two government-run financial institutions. Out of this, ₹664 crore was meant to procure 6,400 EVs. However, only 4,704 EVs were purchased, and ₹262 crore remains unaccounted for.

SEBI’s investigation, prompted by a whistleblower complaint, unearthed shocking details:

• Money was diverted to purchase two luxury apartments worth ₹100 crore each in The Camellias, DLF Gurgaon.
• Funds were illegally routed to their family members, including their mother and spouses.
• A portion of the funds was used to invest ₹50 lakh in Third Unicorn Pvt Ltd, founded by Ashneer Grover.
• Gensol manipulated its stock value by falsely claiming it received orders to manufacture 30,000 EVs. SEBI’s field inspection found no such manufacturing, and just 3 employees on-site.

The Congress party has used these revelations to slam the Modi-led government, calling the entire EV subsidy and financing ecosystem a scam designed to benefit a few cronies at the cost of taxpayers. According to their data, ₹282 crore in tax subsidies was extended for the 4,704 EVs through GST waivers, road tax exemptions, and earlier FAME subsidies.

In addition, BluSmart raised over ₹4,133 crore from major VC investors like BP Ventures, Green Frontier Capital, and even cricketer MS Dhoni. Congress questioned the complete lack of regulatory oversight on how this money was raised and spent.

The party stated on social media:
“While the common man pays 18% GST on popcorn and apartment maintenance, the rich enjoy crores in subsidies on luxury electric cars like Rolls Royce EVs. This is not climate action—it’s legalized loot.”

The scam further deepens the crisis of trust in India’s startup ecosystem, already rattled by high-profile failures like Byju’s. It also raises serious questions about the real motive behind EV and Renewable Energy subsidies, which are increasingly looking like tools for crony capitalism rather than green progress.

Congress’s Charges:

• Misuse of public funds and EV subsidies
• Real estate laundering using clean energy funds
• Stock manipulation and false disclosures
• Lack of transparency and accountability from govt-backed agencies

So, is India’s EV policy really about fighting climate change—or about fattening the wallets of a well-connected few?

The Congress party is demanding a high-level probe, complete forensic audit, and accountability from ministries involved, especially finance Minister, who they accuse of taxing the poor while subsidizing the ultra-rich.

---