BharatPe initiates criminal proceedings against Ashneer Grover & wife, claims Rs 88.6 crore

BharatPe has initiated criminal proceedings against fintech unicorn, BharatPe’s ousted co-founder, Ashneer Grover and his wife, Madhuri Jain Grover. Business Today reached out to the company for a comment. The spokesperson confirmed the development and said, “BharatPe has initiated civil and criminal action against erstwhile Co-Founder and Managing Director, Ashneer Grover, former Head of Controls, Madhuri Jain Grover, and other connected parties of their family for various claims, including misappropriation of company funds.”
 
However, the spokesperson also added that since the matter is sub judice, the company cannot comment any further. “We have full faith in the courts and authorities and are confident that justice will be done.”
 
BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018. However, a series of events led him to step down from the board earlier this year. 
 
The fintech unicorn, which allows shop owners to make digital payments through QR codes, first sacked Madhuri Jain Grover for alleged misappropriation of company funds. This was followed by Grover himself resigning and the company stripping him of the co-founder title over alleged "extensive misappropriation of company funds" by "creating fake vendors" to siphon money. The company also accused Grover and his wife of using "company expense accounts" to "enrich themselves and fund their lavish lifestyles."
 
The company has demanded over Rs 88.67 crore from the Grovers. In addition, as per the interim relief the company has sought, it has also demanded disclosure of assets of Grover and his family members, restraining them from posting any derogatory material on social media, and the permission to approach all media houses to remove or delete any material which is against the company.

Business Today has reached out to Ashneer Grover for a comment but is yet to get a response.

Also Read: 'There is no BharatPe without me': Ashneer Grover reacts after top executives quit the fintech firm