<ul><li>Delhi Police has filed an FIR against former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> co-founder Ashneer <keyword id="3433" type="General" weightage="100" keywordseo="grover" source="Orion">Grover</keyword>, his wife <keyword id="10739150" type="General" weightage="50" keywordseo="madhuri-jain" source="Orion">Madhuri Jain</keyword> Grover.</li><li>The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery).</li></ul>New Delhi, The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, <keyword id="346867" type="General" weightage="50" keywordseo="suresh-jain" source="Orion">Suresh Jain</keyword> and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence. If convicted, Grover, Madhuri and others can face up to anything between 10 years to life imprisonment. EOW now has the power to arrest all the accused. BharatPe welcomed the registration of FIR saying, "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 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," it said in a statement. The FIR, it said, will now enable law enforcement agencies to investigate deeper into the 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," it added. In December 2022, BharatPe filed a criminal complaint against Grover and his family with the EOW of Delhi Police, alleging fraud of Rs 81.28 crore, criminal breach of trust, conspiracy, cheating, forgery and destruction of evidence. The same month, it also filed a civil suit with the Delhi High Court against its former MD and co-founder Grover and his family, seeking up to Rs 88.67 crore in damages for alleged cheating and embezzlement of funds. The suit, running into 2,800 pages, alleges that Grover, his wife Madhuri Jain and other family members created fake bills, enlisted fictitious vendors to provide services to the company and overcharged the company for recruitment. Madhuri Jain was the head of controls at BharatPe and was fired earlier in 2022 after a forensic audit revealed several irregularities. Subsequently, Ashneer Grover resigned as CEO in March 2022. BharatPe, last year, hit the headlines when Grover was accused of using inappropriate language and threatening a Kotak Group employee for failing to secure an allotment and funding for the Nykaa IPO for himself and his wife Madhuri Jain Grover. Thereafter, BharatPe appointed Alvarez and Marsal, Shardul Amarchand Mangaldas and PwC to conduct a corporate governance review and determine whether Grover had committed willful misconduct. This led to the ouster of Jain and Grover from the company and its board in March. On May 10, 2022, BharatPe said that after the detailed review, the company had decided to take steps against employees involved in misconduct and claw back Ashneer Grover's restricted shares. "The complaint was received at EOW and enquiry has been conducted into the allegations levelled against alleged persons. From the contents of the complaint and enquiry conducted so far, prima-facie offences punishable under Sections 406/408/ 409/420/467/468/471/120B IPC (Indian penal code) are made out," the FIR copy reads. BharatPe had filed an arbitration claim in Singapore to claw back restricted shares (1.4 per cent) allotted to Grover and prevent him from using the title of a founder. In January this year, Koladiya sued Grover reclaiming the shares transferred in December 2018. Last month, the company's co-founder <keyword id="10222571" type="General" weightage="50" keywordseo="shashvat-nakrani" source="Orion">Shashvat Nakrani</keyword> sued Grover over "unpaid shares". MZM Legal is advising BharatPe on the criminal complaint. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/artificial-intelligence-takes-center-stage-at-google-i/o-here-are-all-the-ai-announcements-made-at-the-annual-conference/articleshow/100151380.cms">Artificial Intelligence takes center stage at Google I/O: Here are all the AI announcements made at the annual conference</a>

FIR against BharatPe co-founder Ashneer Grover, his wife, family

Co-founder <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> and his family members are allegedly involved in questionable practices, including the use of backdated <keyword id="892488" type="General" weightage="20" keywordseo="invoices" source="Orion">invoices</keyword> to channel funds. Eight HR consulting firms associated with Grover's family, such as True Work Co., Team Source, and Impulse Marketing, filed bills with closed bank accounts, indicating the potential fabrication of invoices, as per the reports. The <keyword id="49112" type="General" weightage="20" keywordseo="investigation" source="Orion">investigation</keyword> reveals that these seemingly distinct entities shared the same registered address, sparking concerns about their legitimacy and independence, possibly hinting at a conflict of interest. "The use of backdated invoices not only raises issues of financial impropriety but also questions the transparency and accountability of <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>'s financial operations," stated the reports. Additionally, the EOW's difficulty in tracing vendor payments adds a layer of complexity, prompting scrutiny into BharatPe's due diligence in its <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> transactions. In May this year, the EOW had registered an FIR against former BharatPe managing director Ashneer Grover for cheating and fraud of Rs 81 crore. The FIR, which was registered on the basis of a complaint filed by the company BharatPe, also mentions the name of his wife Madhuri Jain Grover, and family members, including Deepak Gupta, Suresh Jain, and Shwetank Jain. The FIR was registered on Wednesday under Sections 406 (criminal breach of trust), 408 (criminal breach of trust by clerk or servant), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security, will, etc.), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document or electronic record) and 120B (criminal conspiracy) of the Indian Penal Code at EOW police station. A senior police officer privy to the investigation said that a probe is going on while refraining from going into the details of it. "We welcome the registration of an FIR by the EOW 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," BharatPe had said in a statement. "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 the law enforcement agencies to investigate deeper into the criminality and bring the culprits to books," it said. "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," it had added.

EOW investigation reveals questionable practices by BharatPe Co-founder Ashneer Grover and his family members to cAhannel funds

New Delhi, Leading fintech platform <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> on Thursday said it has initiated criminal and civil proceedings against its former Co-Founder and Managing Director, <keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>, his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword> and their relatives over huge misappropriation of company funds. According to reliable sources, the company has asked Grovers to repay company funds to the tune of Rs 88.6 crore with 18 per cent interest which they swindled via various modes like creating fictitious bills, inflated vendor payments and personal use, among others. "BharatPe has initiated civil and criminal action against erstwhile Co-Founder and Managing Director, Ashneer <keyword id="3433" type="General" weightage="100" keywordseo="grover" source="Orion">Grover</keyword>, former Head of Controls, <keyword id="10739150" type="General" weightage="80" keywordseo="madhuri-jain" source="Orion">Madhuri Jain</keyword> Grover, and other connected parties of their family for various claims, including misappropriation of company funds," a company spokesperson told IANS. "We have full faith in the courts and authorities and are confident that justice will be done. As the matter is sub judice, we have no further comment to offer at this stage," the spokesperson added. While the criminal case has been filed with the Economic Offences Wing (EOW) in New Delhi, the Delhi High Court is currently hearing the civil case where the company has asked Grovers to repay company funds they allegedly misappropriated via various means. The other parties in the BharatPe lawsuit are Deepak Jagdishram Gupta, who is Madhuri Jain's brother-in-law and worked as admin head and reported to Madhuri Jain. According to earlier reports, Madhuri Jain herself received invoices for payments and forwarded them to the accounts team. These invoices were allegedly created by Shwetank Jain, who is her brother and has also been named in the lawsuit. According to BharatPe, Grover, his wife and their relatives were engaged in extensive misappropriation of funds and grossly abused company money "to fund their lavish lifestyles". "The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company's expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles," the company had said in an earlier statement. BharatPe had sacked Madhuri Jain over allegations of financial irregularities during her tenure at the company as head of controls. On the other hand, Grover decided to quit himself. Suresh Jain, who is Madhuri's father, has also been named in BharatPe complaint, according to sources. According to sources, the Grovers allegedly spent company money on expensive business class tickets for the entire family for vacationing abroad via first-class air travel, beauty/skin treatments, buying electronic items, providing house staff salaries (driver/maids), 5-star dinners, etc. Ashneer has written his memoir called 'Doglapan' (double standards)-the Hard Truth about Life and Start-ups' which will be available this month. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ashneer-grover-reacts-on-big-boss-and-shark-tank-india-season-2/articleshow/95908444.cms"></a> <a href="https://www.businessinsider.in/business/news/ashneer-grover-reacts-on-big-boss-and-shark-tank-india-season-2/articleshow/95908444.cms">Ashneer Grover talks about being excluded from Shark Tank India, calls Big Boss a show for failed individuals</a> <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-resigns-from-bharatpe-heres-what-he-wrote-in-his-resignation-letter/articleshow/89912762.cms">Ashneer Grover resigns from BharatPe. This is what he had to say</a><a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms"></a> <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">Shark Tank season 2 is here but popular shark Ashneer Grover is missing – meet the new shark</a>

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FIR against BharatPe co-founder Ashneer Grover, his wife, family

PTI

EOW investigation reveals questionable practices by BharatPe Co-founder Ashneer Grover and his family members to cAhannel funds

IANS

BharatPe sues Ashneer Grover and wife for swindling firm; asks them to repay ₹88 cr

IANS