BharatPe ex-MD Ashneer Grover, and his family have been arrested by the Delhi Police for defrauding the fintech company of 181 crores, which is a shocking event.
Suhail Sameer, the current MD, and CEO of BharatPe, filed a complaint, which served as the foundation for the filing of the FIR.
The complaint alleges that BharatPe ex-MD Ashneer Grover and his family members, including his wife and brother, stole money from the business and transferred it to their individual accounts. To hide their tracks, they allegedly even made phony invoices and made-up expenses.
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keeping with sections 409 (criminal breach of trust), 420 (cheating), and 120B (criminal conspiracy) of the Indian Penal Code, the police have opened an investigation. Grover and the rest of his family have not yet responded to the accusations.
A fintech business called Bharatpe was established in 2018 and offers small businesses digital payment options. Investors like Sequoia Capital, Ribbit Capital, and others have contributed over $142 million to its funding.
“We welcome the registration of an FIR by the Economic Offences Wing of the Delhi Police in the company’s complaint in relation to the criminal offenses by FIR against BharatPe Mr. Grover, his wife Madhuri Jain, and other family members.
The registration of the FIR is a step in the right direction that unearths various suspicious transactions made by the family for their personal pecuniary gains,” said a Bharat Pe spokesperson, when ET reached out.
MZM Legal is the law firm advising Bharat Pe in the criminal case.
“After a detailed complaint was filed with the EOW, a thorough inquiry was conducted with voluminous documents on record. We are glad that cognizance has been taken and an FIR is now registered against Ashneer, his wife, and others,” said ZulfiquarMemon, managing partner, MZM Legal LLP
Though no comments have been made on this by Ashneer or his wife.
