Scam after Scam under the nose of VishwaFeku and Saleswoman FM
India government's Electric Vehicle policy and schemes are nothing but a huge scam. It's just a heavily subsidized program for the rich that is being marketed as a masterplan to reduce carbon emissions and pollution. Here is the latest example.
BluSmart Mobility is India's biggest Electric Car based ride hailing service with nearly 8000 Electric Cars operating in Delhi-NCR and Bengaluru. BluSmart is based in Ahmedabad, and founded by Anmol Singh Jaggi, Puneet Singh Jaggi and Punit K Goyal in 2019.
Unlike Uber and Ola, it operates its own fleet with drivers working on monthly salary. How can a small startup company run a fleet of 8000 cars just like that?
We've not delved into the details of holding structure of these companies. But it somewhat resembles the web of companies owned by the notorious tax evader and black money holder chief of @BJP4Keralam, some of them are in notorious tax havens.
Gensol Engineering Limited is the leasing company which provided Electric Cars to BluSmart. Where will Gensol get cars from? Who gave them the money to buy their fleet?
Indian Renewable Energy Development Agency Limited (IREDA) and Power Finance Corporation (PFC) are two Govt of India's public companies, which gave 977 Cr loans to Gensol Engg.
Out of this, 664 Cr was for purchase of 6400 EVs. But they only bought 4704 EVs with 567.73 Cr, (Avg car price 12.07 lakhs).
SEBI did an investigation recently based on a complaint received and found that nearly 262 Cr is missing and unaccounted for from the loans. Where did the money go?
Both brothers bought two apartments in The Camellias in DLF Gurgaon, which cost nearly 100 crore for a 7400 sq.ft unit. It is arguably India's most expensive luxury real estate project. How simple, right? The funds for reducing pollution and carbon emissions were diverted to own the most luxury real estate in India.
They also indulged in stock manipulation of Gensol, by filing all kinds of wrong things saying that they received orders for 30,000 electric cars which they are going to manufacture in their plant in Pune. And when NSE officials visited the place, they found no cars were being manufactured and the facility had only 3 employees.
There are more interesting details of this scam, which can be found from the SEBI order: https://www.sebi.gov.in/enforcement/orders/apr-2025/interim-order-in-the-matter-of-gensol-engineering-limited_93458.html
Take a look at the table. The subsidy listed there includes only GST and Road Tax subisidies. But back in 2020, Electric cars used to get 1.5 lakhs FAME subsidy also. On an average these cars received 6 lakhs in tax cuts at the very least, which itself is around 282 Crore for 4704 cars. And the 977 Cr also went into thin air.
But the story doesn't end here. Blusmart (not Gensol) raised 4,133 Crore from various investors including major Venture Capital Funds in India and abroad including BP Ventures, Green Frontier Capital and so on. Cricketer Mahendra Singh Dhoni also invested in the company.
Out of this, 645 Cr was given by Power Finance Corporation as debt financing. All of this huge pile of money has evaporated into thin air. Indian Startup ecosystem will be viewed with more suspicion by investors after Byju's and other similar episodes.
We have a question for you. Do you think this extraordinary tax subsidy for Electric Vehicles and Renewable energy is all about saving the Carbon from getting to the atmosphere and saving the planet or is it a massive plan to loot taxpayers' money using a scheme that appeals to masses?
Remember, we are giving more than 5 Cr of tax subsidy to a Rolls Royce Electric car while @nsitharaman is taxing popcorn and your apartment maintenance at 18%. Bhakts and the Sangh ecosystem can keep defending this scam forever, after all, the rewards ranging from the ₹2 per social media abuse to the luxury perks the influencers receive, come from such corrupt money.
Enjoy the Amritkaal and Vikasit Bharat
Fekunomics politics
Saleswoman FM
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$anjay$hah
