BluSmart enters insolvency as probe reveals co-founder allegedly diverted car funds, raising major corporate governance concerns.

• Regulatory probe found misuse of funds meant for purchasing electric vehicles by BluSmart’s co-founder, worsening the financial situation.
• Interim resolution professional confirms insolvency proceedings have officially begun amid governance and funding issues.
• Allegations have severely impacted investor trust, casting doubts over BluSmart’s long-term sustainability and operational stability.