Ashneer Grover (File Image)
BharatPe announced on Monday that it had reached an agreement with the former co-founder. Ashneer Groverwho will no longer be associated with the company. “As part of the agreement, Grover will not be associated with BharatPe in any way nor will he be a shareholder in the company,” the company said in an official statement.
As part of the deal, some of Grover’s shares will be transferred to the Resilient Growth Trust, while the rest will be managed by the family trust. Both BharatPe and Grover agreed not to take any legal action as part of their agreement.
“We wish Grover the best. bharatpe “continues to focus on providing industry-leading solutions to its merchants and customers, driving growth with profitability,” the statement added.
The case concerns BharatPe’s allegations against Grover of embezzlement of funds. BharatPe accused Grover and his family of causing losses of around Rs 81.3 crore. The allegations include improper payments to bogus human resources consultants, inflated costs from connected suppliers, bogus input tax credit transactions, illegal payments to travel agencies, falsified invoices and destruction of evidence.
On September 20, the Economic Offenses Wing (EOW) of the Delhi Police arrested Deepak Gupta, Grover’s brother-in-law, in connection with the case. The first information report (FIR) in the alleged Rs 81 crore fraud case was filed in May 2023. Gupta was named in this FIR, along with Grover and his wife, Madhuri Jain.
Gupta’s arrest was the second in this case. Before him, officials had arrested Amit Kumar Bansal, who was linked to non-existent companies that received Rs 72 crore in payments from BharatPe directors between 2019 and 2021.
The fintech firm was established in April 2018.
First published: September 30, 2024 | 09:01 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.