Mumbai: 

Electric cab-hailing platform BluSmart remained non-operational on Thursday across Delhi-NCR, Bengaluru, and Mumbai, as the market regulator cracked down on its co-founder over alleged misuse of funds at an affiliated company.

The company, backed by BP Ventures - an arm of the global energy giant BP - did not immediately offer any comments on the issue.

BluSmart app, which offered more than 8,000 taxis in the three metros, stopped taking bookings on Wednesday evening and remained unoperational on Thursday as well. The sudden suspension puts the livelihood of thousands of drivers at risk and has led to customers venting out their frustration on social media.

"We've decided to temporarily close bookings on the BluSmart app," the firm said in an email to customers without giving any reasons.

Earlier this week, Sebi (Securities and Exchange Board of India) banned brothers Anmol and Puneet Jaggi from the stock market and ordered a forensic investigation into their listed renewable energy company, Gensol. The investigation focuses on allegations that they used funds intended for procuring electric vehicles to purchase luxury apartments.

"I have almost 20K balance in BluSmart and today morning got this mail that BluSmart services are suspended. What is this??? When can we get the refund of BluSmart is getting closed," said a customer in a post on X on Wednesday and attached the screenshot of the company's e-mail.

"We truly appreciate your support. While we strive to be back soon, we will initiate a refund within 90 days if services do not resume before that," the e-mail said.

Meanwhile, Delhi Airport on Tuesday evening issued a passenger advisory, stating that "BluSmart has temporarily suspended its operations at Delhi Airport".

Another customer wrote on X: "I loved BluSmart. More than the money in the wallet, I am more concerned about driver partners who will be out of a job until the saga plays out..."

Meanwhile, Delhi Airport on Tuesday evening issued a passenger advisory, stating that "BluSmart has temporarily suspended its operations at Delhi Airport".

The company, as of January 9, had a fleet of over 8,500 electric vehicles and a charging network of 5,800 stations across 50 hubs in Delhi-NCR and Bengaluru, and was supported by 10,000-plus active driver partners.

Apart from providing services in the three Indian cities, BluSmart also offers premium all-electric limousine services in the UAE, which it launched last June.

The regulator has also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders.

Sebi on Tuesday barred Gensol engineering and promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orders in a fund diversion and governance lapses case.

Sebi on Tuesday barred Gensol engineering and promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orders in a fund diversion and governance lapses case.

Read More : 

Markets Trade Lower In Early Trade Dragged Down By IT Stocks