FIR against Bharatpe ex-MD Ashneer Grover, family for defrauding fintech of ₹81 cr
New Delhi: The Economic Offenses Wing (EOW) on Wednesday registered an FIR (First Information Report) against former BharatPe managing director Ashneer Grover, his wife Madhuri Jain Grover and family members, including Deepak Gupta, Suresh Jain and Shwetank Jain.
New Delhi: The Economic Offenses Wing (EOW) on Wednesday registered an FIR (First Information Report) against former BharatPe managing director Ashneer Grover, his wife Madhuri Jain Grover and family members, including Deepak Gupta, Suresh Jain and Shwetank Jain.
FIRs have been registered against the parties involved under eight sections of serious cognizable offences, including 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating and dishonest presentation of delivery of property), 467 (forgery of valuable security, will etc), 120B (criminal conspiracy), among others.
FIRs have been registered against the parties involved under eight sections of serious cognizable offences, including 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating and dishonest presentation of delivery of property), 467 (forgery of valuable security, will etc), 120B (criminal conspiracy), among others.
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“The complaint was received at the EOW and the allegations against the alleged persons have been investigated. From the contents of the complaint and the investigation carried out so far, the instant offenses punishable under Sections 406/408/409/420/467/ 468/471/120B IPC (Indian Penal Code),” the FIR copy reads, a source told Mint.
In the past six months, Grover has been the subject of five lawsuits. He has been embroiled in a legal battle with BharatPe after allegations of financial irregularities surfaced in January 2022. In March last year, Grover was dismissed from the company.
In December 2022, the Delhi-based fintech unicorn filed a criminal complaint against Grover and his family with the EOW of Delhi Police, alleging fraud by ₹81.28 crore, criminal breach of trust, conspiracy, cheating, forgery and destruction of evidence. In the same month, BharatPe also filed a civil suit in the Delhi High Court demanding recovery of the above ₹88.67 crore in compensation from Grover and family under various heads.
It had filed an arbitration claim in Singapore to reclaim limited shares (1.4%) awarded to Grover and prevent him from using the title as a founder. In January this year, Koladiya sued Grover to reclaim the shares transferred in December 2018.
Last month, the company’s co-founder Shashvat Nakrani sued Grover for “unpaid shares”.
“…The registration of the FIR is a step in the right direction exposing various suspicious transactions done by the family for their personal financial gains. This FIR will now enable the law enforcement agencies to probe deeper into crime and bring the culprits to book. 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,” BharatPe said in its statement.
MZM legal advises BharatPe on the criminal appeal.
“After a detailed complaint was submitted to the EOW, a thorough investigation was carried out with extensive documents on record. We are happy that it has been brought to our notice that an FIR has now been registered against Ashneer, his wife and others,” says Zulfiquar Memon, Managing Partner, MZM Legal LLP in a statement.
