Co-Founder of BharatPe Accused of Fraud and Embezzlement in Rs 81 Crore Police Case Involving His Wife
- ByStartupStory | May 11, 2023
Ashneer Grover, the former co-founder of BharatPe, a digital payments company, has been accused of embezzlement in a police complaint. The incident occurred amid a public fallout between Grover and BharatPe, which resulted in Grover being dubbed the “start-up king.”
The Delhi Police’s Economic Offences Wing has lodged a First Information Report (FIR) against Ashneer Grover, his wife Madhuri Jain Grover, family members, and others for alleged crimes including fraud, forgery, cheating, and breach of trust.
The FIR was filed on Wednesday, following a criminal complaint filed by BharatPe in December, which alleged that Grover had used company funds to support his extravagant lifestyle.
Ashneer Grover, the co-founder of BharatPe accused of embezzlement, has not yet commented on the charges. Mr. Grover, who has since founded a fantasy sports app named CrickPe, has shaped his career through appearances on podcasts and reality TV shows. He has previously denied any allegations of wrongdoing.
He has claimed that the accusations are based on “personal animosity and malicious intent,” adding that “The only thing extravagant about me is my aspirations and determination to achieve them against all odds with diligence and enterprise.”
The filing of the FIR against Ashneer Grover and others for criminal breach of trust, criminal conspiracy, cheating, dishonesty, and forgery could result in life imprisonment if they are found guilty. Delhi Police conducted a five-month investigation, and BharatPe has welcomed this move as a step in the right direction.
According to BharatPe, the filing of the FIR will allow for a more thorough investigation into the matter and assist in holding accountable those who are responsible. The firm has pledged to fully assist authorities in their inquiry.
The First Information Report alleges that Ashneer Grover and his family members were involved in sham transactions and embezzled Rs 71.76 crore, including illegitimate payments of Rs 7.6 crore to bogus consultants based on 86 false and forged invoices. The FIR also states that there were inflated and undue payments through pass-through vendors connected to the accused persons, and input tax credit and payment of penalty to GST authorities of Rs 1.66 crore.
As per the FIR, the accused parties are also alleged to have made unlawful and deceitful payments to travel agencies through falsified invoices, gained personal profit through reimbursements using counterfeit and fabricated invoices, and destroyed evidence, according to the charges against Madhuri Jain Grover.
Last year, Mr Grover was embroiled in a scandal after he claimed that bank executive Uday Kotak refused to finance his personal investment, resulting in damages. Legal documents filed by the bank alleged that Mr Grover used abusive and threatening language towards its employees, and stated its intention to take legal action against him.
After BharatPe’s board announced its intention to commission an independent audit into his conduct, Ashneer Grover resigned in March of last year. BharatPe has become one of India’s fastest-growing fintech firms by enabling shopkeepers to accept digital payments via QR codes.
Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.
Follow Startup Story
Related Posts
