Based on a complaint by fintech unicorn BharatPe, the Economic Offences Wing has filed a first information report against the company's embattled co-founder & former managing director Ashneer Grover, his wife Madhuri Grover and two other family members.
FIR has been registered against the involved parties on 8 counts of serious cognizable criminal offences. If convicted, Grover and Madhuri and others can face up to anything between 10 years to life imprisonment. EOW now has the power to arrest all the accused.
"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 offences by Mr. Grover, his wife Madhuri Jain and other family members. For the last 15 months, the Company has been facing a vicious and malicious campaign run by Grover against the Company, the board and its employees," said a BharatPe spokesperson.
"The registration of the FIR is a step in the right direction which unearths various suspicious transactions made by the family for their personal pecunary gains. This FIR will now enable the Law enforcement agencies to investigate deeper into the criminality and bring the culprits to books. We have full faith in our country's judicial and law enforcement systems and are optimistic that this case will reach its logical conclusion. We will continue to extend all possible cooperation to the authorities," he added.
The company has also sought up to Rs 88 crore in damages from the Grovers and other family members through a civil suit. BharatPe alleges that the Grover family created fake bills, enlisted fictitious vendors to provide services to the company, and overcharged the company for recruitment.
In addition to the accusations around dubious transactions and fake vendors, the company alleged in the lawsuit that Grover contributed nothing to the BharatPe technology or concept. It said that his association with the company began in 2018 when he made a ‘paltry’ investment of Rs 31,920, for which he received 3,192 shares.
Since the beginning of 2022, the four-year-old company has been embroiled in controversy after its founder was accused of using inappropriate language and threatening a Kotak Group employee for failing to secure an allotment and funding for the Nykaa IPO for himself and his wife Madhuri Jain Grover.
While Grover took a voluntary leave and later resigned as the company's MD, his wife, former head of controls Madhuri Jain, was fired over allegations of misappropriation of funds.
In February last year, the SIAC denied Grover's appeal to block an internal investigation on multiple grounds.
In December, BharatPe had filed for arbitration at the Singapore International Arbitration Centre in order to claw back estranged co-founder Ashneer Grover's restricted shareholding (1.4 percent shareholding) in the company and right to use the founder title. The company has also urged that SIAC award Grover's unvested shares to BharatPe co-founder and board member Shashvat Nakrani for a cash consideration of Rs 33 lakh.
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