While MS Dhoni and the Chennai Super Kings are suffering in the IPL, sitting at the bottom of the table halfway through the competition, a frightening report has emerged that might deal a financial blow to the cricket star – a concerning personal setback.

BluSmart, an Indian ride-sharing startup in which Dhoni invests, is reportedly on the verge of failure due to alleged financial malfeasance by its co-founders.

The startup, once heralded as a rising star in India’s EV cab market, is currently experiencing a severe financial problem. According to reports, co-founders Anmol Singh Jaggi and Puneet Singh Jaggi utilized corporate loans to fund personal luxury items such as real estate and travel. It is claimed that approximately ₹260 crore was looted in this manner.

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Dhoni, along with other important figures including Bollywood actor Deepika Padukone and billionaire Sanjiv Bajaj, is thought to have made significant investments in the organization.  BluSmart has raised about ₹4,100 crore from investors since its launch in 2018, but current instability raises concerns about potential losses for stakeholders.

To add to the confusion, BluSmart recently ceased mobile app bookings and cab services in major cities such as Delhi and Mumbai.  On April 17, the corporation sent a notification to users announcing the temporary suspension of services.

SEBI, India’s market regulator, has also announced a probe into the company’s operations, raising scrutiny.

BluSmart, which began operations in 2018, soon received attention and support from prominent investors due to its emphasis on sustainable urban transportation. However, the alleged financial violations by its leadership have cast doubt on its survival.

As Dhoni focuses on leading CSK to the IPL playoffs, this off-field development could result in a big financial blow for the cricket legend.