Saturday, April 13, 2024
Outlook.com
Outlook India
Outlook Business

BharatPe Files Case Against Ashneer Grover’s Wife: Report

The development came months after the company sacked Grover and his wife over the alleged misproportion of funds

BharatPe Files Case Against Ashneer Grover’s Wife: Report
Ashneer Grover, ex managing Director, BharatPe
POSTED ON December 08, 2022 12:19 PM

Indian fintech firm BharatPe has lodged a case against its former head of controls Madhuri Jain Grover– wife of the ex-managing director (MD) and co-founder Ashneer Grover under section 420, Mint reported. 

The development came months after the company sacked Grover and his wife over the alleged misproportion of funds. 

Sources claimed that the matter would be heard in court on Thursday. 

Based on an Alvarez and Marsal preliminary report, BharatPe terminated Grover and Jain in February over the alleged misappropriation of funds. The investigation found irregularities related to vendor payments. 

Later the company onboarded PwC for further investigations. The company looked at BharatPe’s transactions and verified internal checks. 

A person who is aware of the entire development told Mint, “The investigation is now complete. The audit is done, and the report is finished. Based on the report, BharatPe has filed a criminal case for fraud of over ₹80 crore."

However, Grover denied commenting anything on the entire issue. 

BharatPe has been witnessing back-to-back exits of top-level executives in the past few months. In the recent round, Nehul Malhotra, BharatPe’s head of buy-now-pay-later (BNPL) product, PostPe, Vijay Aggarwal, chief technology officer (CTO), Rajat Jain, chief product officer (CPO) and Geetanshu Singla, vice president of technology have resigned from the company to pursue their entrepreneurial interests. 

“We confirm that Vijay, Rajat, Nehul and Geetanshu are moving on from BharatPe to pursue their entrepreneurial passions. They will continue to ensure a smooth transition of their role to the designated leaders. While it is difficult to part ways with these fantastic leaders, we are also proud of them for having taken the entrepreneurial plunge,” a BharatPe spokesperson told The Economic Times.

Prior to them Bhavik Koladiya, one of the co-founders and Satyam Nathani, head of technologies left the company. 
 

  • Related Articles

    The fund aims to drive technological advancements in India’s legal sector

    LegalPay Launches Justice and Inclusion Fund Worth $2 Million

    True Beacon, launched by Zerodha's founder Nikhil Kamath, strengthens partnerships and strategic value creation for UHNIs and HNIs

    Abhijeet Pai Joins Nikhil Kamath And Richard Pattle in True Beacon's Core Team

    The company is looking at building a business model that will reach an annual recurring revenue (ARR) of $100 million over the next three years

    Livspace for Business marks the unicorn's foray into commercial interior design