An FIR has been registered by Delhi Police against Ex BharatPe MD Ashneer Grover for over allegedly Rs 81.28 Crore fraud. Former BharatPe co-founder and managing director Mr. Ashneer Grover along with his wife Ms Madhuri Jain and their three relatives – Deepak Gupta, Suresh Jain and Shwetank Jain are accused of this forgery act. Among those three relatives, Deepak Gupta is Ashneer’s brother, Suresh Jain is Madhuri’s father, and Shwetank Jain is her brother.
Economic Offence Wing Registered The Complaint
“The registration of the FIR is a step in the right direction which unearths various suspicious transactions made by the family for their personal pecuniary gains. This FIR will now enable law enforcement agencies to investigate deeper into criminality and bring the culprits to books. We have full faith in our country’s judicial and law enforcement systems and are optimistic that this case will reach its logical conclusion. We will continue to extend all possible cooperation to the authorities. MZM Legal is advising us (BharatPe) on the criminal case,” BharatPe released the statement.
Charges Levelled Against Ashneer Grover
Ashneed Grover with his wife and other relatives is charged with eight grave cognizable criminal offences. If they turn out to be true, they may be convicted with ten years of imprisonment or anything in between. EOW has now the power to send them behind the bar.
BharatPe accused them of the forgery of ₹7.6 crores as unlawful payment to sham HR consultants, having connection with them. The allegations are made after finding 86 forged invoices, and disproportionate and inflated payments via several false vendors in connection with Ashneer Grover and others to hamper the economic balance of BharatPe.
The fintech firm also summons the accused for fraudulent transactions of ₹ 71.76 crores, dishonest payments to the wrong travel agencies, and destruction of evidence, alongside the accusation of personal enrichment by Madhuri Jain through several false and forged invoices.
Eight serious criminal offences imposed under sections 406, 408, 409, 420, 467, 468, 471 and 20B, for criminal trust breach, trust breach by servant or clerk, criminal trust breach by merchant banker, or agent or public servant, dishonestly and cheating inducing property delivery, valuable security forgery, forgery for purposeful cheating, usage of forged electronic record or document, and criminal conspiracy punishment respectively.
Criminal Case
A criminal case is also filed by BharatPe on Ashneer Grover and others demanding ₹88.6 crore for damage recovery. The firm claims to have sustained a financial loss of ₹83 crore due to inappropriate monetary usage of company funds by Grover, his wife and family, demanding for additional ₹5 crore for damage caused to the brand alongside applicable taxes.
Reaction From BharatPe
BharatPe spokesperson stated, "We welcome the registration of an FIR by the Economic Offences Wing of the Delhi Police in the Company's complaint in relation to the criminal offences by Mr Grover, his wife Madhuri Jain and other family members. For the last 15 months, the company has been facing a vicious and malicious campaign run by Grover against the company, the board and its employees,"
The spokesperson continued, "The registration of the FIR is a step in the right direction which unearths various suspicious transactions made by the family for their personal pecuniary gains. This FIR will now enable law enforcement agencies to investigate deeper into criminality and bring the culprits to books. We have full faith in our country's judicial and law enforcement systems and are optimistic that this case will reach its logical conclusion. We will continue to extend all possible cooperation to the authorities. MZM Legal is advising us (BharatPe) on the criminal case."
