FIR against BharatPe ex-MD Ashneer Grover, family for cheating fintech of ₹81 cr

Economic Offences Wing (EOW) has filed a first information report against former Managing Director of BharatPe, Ashneer Grover and his family based on a complaint filed by the fintech unicorn. If found guilty, Grover and the family members can face up to 10 years of imprisonment.   

BharatPe in a statement said that it welcomes the EOW’s move. “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,” the company’s spokesperson said.    “The registration of the FIR is a step in the right direction which unearths various suspicious transactions made by the family for their personal pecuniary 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. MZM legal is advising us (BharatPe) on the criminal case,” the spokesperson also said.

BharatPe initiated legal proceedings against the troubled entrepreneur and investor in December 2022. It had filed a criminal case against him and his family members including wife, Madhuri Jain Grover for fraud, misappropriation of funds, criminal breach of trust, forgery, document fabrication, and embezzlement.”   This apart, the company also accused the Grovers of creating false bills, enlisting fictitious vendors, and overcharging the company for recruitment.    The fintech unicorn had sought over Rs 88 crore in damages from Grover.