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Delhi Police issues summons to former BharatPe MD Ashneer Grover and wife Madhuri

BharatPe Fraud: Ashneer Grover, a co-founder of BharatPe, and his wife Madhuri Jain are having ongoing problems that don’t seem to be getting better. Both of them have been called in for questioning by Delhi Police‘s Economic Offenses Wing (EOW) for the Rs 81 crore fraud.

At Delhi’s Indira Gandhi International Airport, Ashneer Grover was stopped by the Immigration Department. He was informed that he could not travel overseas and that LOC was open against him.

The pair has been issued notice to participate in the current probe over the complaint filed by BharatPe, according to a news agency report cited by PTI. On November 21, both are expected to show up to EOW’s Mandir Marg office. They will both be questioned together.

The Grover couple has received a summons, according to EOW officials, who also stated that a lookout circular has been issued against the husband and wife, preventing them from leaving the country.

Based on Bharat Pe’s accusation, according to a PTI report, EOW filed a formal case (FIR) in May of this year against Grover, his wife Madhuri, and family members Deepak Gupta, Suresh Jain, and Shwetank Jain.

#WATCH via ANI Multimedia | देश से जा रहे थे BharatPe के पूर्व संस्थापक Ashneer Grover, Economic Offence Wing ने Airport पर रोकाhttps://t.co/vEZYzXbneU
— ANI_HindiNews (@AHindinews) November 17, 2023

BharatPe files case against Ashneer Grover’s wife under section 420

Ashneer Grover, a former MD, and co-founder of BharatPe, is now facing more challenges. Madhuri Jain, Ashneer Grover’s wife and the former Head of Controls of BharatPe, has been charged under section 420 of the IPC. The Delhi High Court will conduct the hearing on the subject.

Ashneer Grover and his wife were shown the exit by BharatPe in the same year due to allegations of financial misconduct. A criminal complaint for nearly Rs 80 crore in fraud has been filed by BharatPe.

The alleged misappropriation of funds was alleged against Ashneer Grover and Madhuri Jain in February. Based on the conclusions of the preliminary assessment by Alvarez and Marsal, he was excluded.

Alvarez and Marsal were then joined by PwC to look into the discrepancies. Alvarez & Marsal and PwC both received information from the corporation about its own investigation into financial issues.

Shark Tank India’s biggest shark Ashneer Grover resigns from BharatPe board, here’s the reason

Managing director and co-founder of fintech unicorn BharatPe, Ashneer Grover, resigned from the board of directors. The resignation was mentioned in a letter published in Business Standard. We are sharing with you the bad news that Ashneer Grover has faced a defeat at the arbitral hearing filed by the fintech platform to start an investigation against him in Singapore.

The resume letter of Ashneer

As a founder, I am extremely saddened by the fact that I will have to say goodbye to my company today. It is with great pride that I claim that our company is one of the best today in the world of fintech. My family and I have been the subject of numerous baseless accusations since the year 2022. One who is willing to harm me and my reputation, as well as the reputation of the company.

SIAC is not relieved

Sources told Grover did not receive a remedy from the Singapore International Arbitration Center (SIAC). Based on the recommendation of BharatPe’s top management, the arbitration center says there is no reason to stop the working review. Grover requested that the SIAC stop reviewing the company’s functioning in the application he filed with the agency. Moreover, he asserted that the investigation was illegal.

On February 20, the petition was heard for the first time. Two days ago, the emergency mediator at the mediation center refused to comply with Grover’s demands, according to sources familiar with the matter. However, sources said Grover can appeal the arbitrator’s decision at the Delhi High Court.

In an effort to sell his stake in a fintech startup, Ashneer Grover has started discussions with investors. Groover owned 9.5 percent of the company for Rs 1,915 crore. The company was valued at $2.85 billion during funding in August 2021.