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BharatPe settles with former co-founder Ashneer Grover; drops legal action | Company news

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BharatPe settles with former co-founder Ashneer Grover; drops legal action | Company news

Ashneer Grover

Ashneer Grover (file image)

2 minutes reading Last updated: September 30, 2024 | 9:09 am IST

BharatPe announced on Monday that it has reached a settlement with former co-founder Ashneer Grover, who will no longer be associated with the company. “As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be part of the company’s stock ownership,” the company said in an official statement.

As part of the deal, some of Grover’s shares will be transferred to the Resilient Growth Trust, while the rest will be managed by his family trust. Both BharatPe and Grover have agreed not to pursue legal action as part of their settlement.

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“We wish Grover the best. BharatPe continues to focus on delivering industry-leading solutions to its vendors and customers, ensuring growth coupled with profitability,” the statement said.

The case relates to BharatPe’s allegations against Grover of misappropriation of funds. BharatPe accused Grover and his family of causing losses of around Rs 81.3 crore. The allegations include improper payments to fake HR consultants, inflated costs from related suppliers, false input tax credit transactions, illegal payments to travel agents, forged invoices and destruction of evidence.

On September 20, the Economic Offenses Wing (EOW) of Delhi Police arrested Deepak Gupta, Grover’s brother-in-law, in connection with the case. The first information report (FIR) in the alleged Rs 81 crore fraud case was filed in May 2023. Gupta was named in this FIR along with Grover and his wife, Madhuri Jain.

Gupta’s arrest was the second in the case. Before him, officials had arrested Amit Kumar Bansal, who was linked to non-existent companies that received Rs 72 crore in payments from BharatPe directors between 2019 and 2021.

The fintech company was founded in April 2018.

First publication: September 30, 2024 | 9:01 am IST

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