Following the failure of BluSmart travellers to book taxis using an app on Wednesday, Delhi Airport issued advice for the passengers. BluSmart has temporarily halted operations in Bangalore, Mumbai, and Delhi-NCR as of Wednesday. Although the app is still accessible on the Play Store, customers cannot make taxi reservations until May 7. This follows possible financing and compliance irregularities discovered by the Securities and Exchange Board of India (SEBI).

Anmol Singh Jaggi is the Promoter of Gensol Engineering and a co-founder of BluSmart, which runs electric car services in these cities.

An X warning for BluSmart passengers was also issued by Delhi Airport on Wednesday. It said, “Please take notice that BlueSmart has temporarily halted its activities at Delhi Airport. Nonetheless, there are sufficient taxi and cab services that operate from Terminals 1 and 3, including Ola, Uber, Mega, Meru, Black & Yellow Taxis, and Carzonrent. For smooth connection, travellers may also use the Delhi Metro Magenta Line for Terminal 1 and the Airport Express Metro for Terminal 3.

After SEBI banned the brothers from accessing the securities market and halted the company’s planned stock split, BluSmart—co-founded by Anmol Singh Jaggi and Puneet Singh Jaggi, proprietors of Gensol Engineering Limited (GEL)—came under fire.

In its interim judgement, SEBI said, “Funds availed by Gensol as loans for procuring EVs were, through layered transactions, partly utilised for buying a high-end flat in The Camellias, Gurugram, in the name of a firm where the MD of Gensol and his brother are designated partners.”

The regulator further said, “It was separately noted that Rs 5 crore, which was initially paid as a booking advance by Jasminder Kaur, mother of Anmol Singh Jaggi, was also sourced from Gensol.”

“Further, it was noted that once DLF returned the advance to Kaur, the funds did not go back to the company but were instead credited to another related party of Gensol.”

Anmol Singh Jaggi allegedly transferred Rs 25.76 crore from Gensol Engineering to personal accounts and related businesses, including Third Unicorn, a business connected to Ashneer Grover, according to SEBI’s allegations. In the wake of these disclosures, the market watchdog temporarily restricted the Jaggi brothers from important management or directing positions and banned Gensol and its affiliates from engaging in securities market trading. Furthermore, a forensic examination of the business’s financial records has been mandated by SEBI.

Gensol Engineering obtained loans from the Power Finance Corporation (PFC) and the Indian Renewable Energy Development Agency (IREDA) totalling Rs 978 crore between 2021 and 2024. 6,400 electric cars (EVs) were to be purchased with the Rs 664 crore, and BluSmart planned to lease them. But just 4,704 EVs have been purchased so far, the business said in a stock market filing in February 2025.

When Refex Industries’ green mobility division dropped out of a Rs 315 crore agreement to buy 2,997 electric cars from Gensol in late March, BluSmart’s problems had already begun to show.

According to media rumours earlier this week, BluSmart could be closing its main ride-hailing business and joining Uber’s fleet. According to reports, the business is thinking of moving 700–800 of its electric cars to Uber’s network as part of the change.

BluSmart launched a high-end all-electric limousine service in the United Arab Emirates in June of last year, marking its worldwide expansion. As of January 9, the firm has more than 8,500 electric cars in service and 5,800 charging stations spread over 50 hubs across Bengaluru and Delhi-NCR. Over 10,000 active driving partners backed BluSmart’s operations.