Delhi HC asks Ashneer Grover, Madhuri Jain to furnish Rs 80 crore security to travel to US

Ashneer Grover, Madhuri Jain Grover

The Delhi High Court has directed BharatPe co-founder Ashneer Grover, his wife, Madhuri Jain Grover, a former HR director at the payments firm, to furnish a security of Rs 80 crore before they travel to the US.

The security is to be furnished by way of a property, the court said on May 24 and told the husband-wife duo to submit their Emirates Card with the court, so that they do not visit the United Arab Emirates (UAE) as they hold "golden visa". The card is issued by the UAE to golden visa holders.

The golden visa is a 10-year residence permit for foreign nationals allowing them to live, work or study in the UAE.

While allowing the Grovers, who are accused of fraud, to go to the US separately for the children’s summer school, the court had on May 22 asked the Economic Offences Wing to come back with the conditions of travel.

The couple has also been asked to all the details of stay, hotel, travel and phone numbers with the court as well as investigating agencies.

Grover and Jain have also been directed not to create any third party rights on shares of BharatPe they hold.

Justice Subramonium Prasad said one of the parties would stay in India as a “mortgage” while the other travels.

Grover will leave for the US on May 26 and return to India on June 14. Jain will travel on June 15 and return on July 1.

The EOW had objected to the travel plea, saying the couple properties abroad and were a flight risk. The investigation against them was at an advanced and a crucial stage, it said. They, especially Jain was not cooperating in the investigation, EOW had said, adding it had found suspicious transactions worth crores.

Grover and Jain cannot leave the country without obtaining a court’s permission as a Look Out Circular (LOC) has been issued against them on the request of the EOW.

They are accused of committing a Rs 81-crore fraud at the fintech firm.