Leading fintech platform BharatPe said on Thursday that it has initiated civil and criminal proceedings against its former co-founder and managing director Ashneer Grover, his wife Madhuri Jain Grover and their relatives for huge misappropriation of company funds. According to reliable sources, the company has asked the Grover to pay Rs 88.6 crore along with 18 per cent interest, which they swindled through various means like making fake bills, vendor payments and personal use.
A company spokesperson said, “BharatPe has initiated civil and criminal proceedings against former Co-Founder and Managing Director Ashneer Grover, former Controlling Head, Madhuri Jain Grover and other related parties in her family for various claims, including damages to the Company. Misappropriation of funds is also involved.”
The spokesperson said, “We have full faith in the courts and authorities and are sure that justice will be done. Since the matter is sub-judice, we have nothing to comment at this stage.” While the criminal case has been filed with the Economic Offenses Wing (EOW) in New Delhi, the Delhi High Court is currently hearing the civil case where the company has asked the Grovers to repay the company’s funds, which they have diverted to- allegedly wrongfully embezzled through different means.
Many serious allegations were leveled against Madhuri Jain
The other party in the BharatPe suit is Deepak Jagdishram Gupta, who is Madhuri Jain’s brother-in-law and works as the administrative head and reports to Madhuri Jain. As per earlier reports, Madhuri Jain herself took the invoices for the payments and forwarded them to the accounts team. These challans were allegedly made by Shwetank, who is his brother and is also named in the lawsuit. There are allegations against Madhuri that she used the company’s funds for her personal beauty treatment, purchase of electronic items and a trip to Dubai with her family.
In February this year, Madhuri Jain Grover was sacked from the company on allegations of misappropriation and the ESOP held by her was also cancelled. After this, on March 1, Ashneer Grover issued a letter and resigned from the company.
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