Delhi HC releases Rs 80 crore security by Ashneer Grover, Madhuri Jain after they return to India from US

Ashneer Grover, Madhuri Jain Grover

The Delhi High Court on July 8 permitted the release of securities deposited by BharatPe co-founder Ashneer Grover, his wife, Madhuri Jain Grover, a former HR director at the payments firm after they returned from the USA.

Justice Sanjiv Narula passed the order after the duo's lawyer Giriraj Subramanium told the court of their return. Madhuri Jain was personally present in the court hall.

In May 2024, the court directed Grover and Jain furnish a security of Rs 80 crore before they travel to the USA. 

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

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.

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

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.