Ashneer Grover Accuses BharatPe Chairman of Fraudulent Behavior: Allegations Surface
- ByStartupStory | March 12, 2024
Former BharatPe managing director Ashneer Grover accused board chairman Rajnish Kumar of fraudulent behavior, alleging Kumar allocated himself equity shares worth hundreds of crores since joining the board.
Grover claimed Kumar increased his salary to Rs 1.5 crore per year, a threefold rise from his initial fees. Grover called for an RBI investigation into Kumar’s involvement in the share dispute between Grover and co-founder Bhavik Koladiya.
In response, BharatPe dismissed the allegations as baseless and vowed to pursue legal action against Grover. Grover sent two letters to the RBI, accusing BharatPe’s board, investors, and management of fraud regarding share ownership. He highlighted a clean chit from Deloitte and an ongoing investigation by the Ministry of Corporate Affairs as evidence.
Grover requested an investigation into whether BharatPe’s board and investors had “warehoused” Koladiya’s shares before his return. He questioned the regulator’s approval of BharatPe’s acquisitions and sought punitive action if wrongdoing is found. BharatPe, a QR code-based payment platform, has raised $600 million and holds stakes in Unity Small Finance Bank and Liquiloans.
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