FIR against BharatPe co-founder Ashneer Grover, his wife Madhuri Jain and family for alleged fraud of 81.28 Crores.

Back in Dec 2022, Bharatpe filed a complaint against its former CEO and co-founder Ashneer Grover and his family. The complaint was filed with the economic offences wing of the Delhi police alleging fraud of 81.28 Crores.

After five months of the complaint, the EOW (Economic Offences Wing) of Delhi police has finally registered a FIR against  former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81 crore fraud.

“We received a complaint some time back and registered an FIR after an enquiry,” a senior police officer said.

Grover, his wife and family members have been booked under eight sections of the IPC according to the copy of the FIR. The various sections imposed are IPC sections 420 (cheating), 406 (criminal breach of trust), 408 (criminal breach of trust by clerk/servant), 409 (criminal breach of trust by banker/merchant), 467 (forgery of valuable security), 468 (forgery for cheating), 471 (using forged document) and 120B (criminal conspiracy).

“Registering the FIR marks a positive step forward in revealing multiple dubious transactions carried out by the family for their own financial benefit. 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.

“The complainant alleged that Grover, his wife and other employees were involved in criminal misappropriation of company funds on the basis of various forged/fabricated documents and resultant payments to non-existent firms/vendors and HR consultancy firms without them rendering any services. As per the complaint, these criminal acts had caused wrongful loss of about Rs 81 crore to the complainant company,” a senior police officer said.

Meanwhile, two of the company’s co-founder Bhavik Koladiya and Shahvat Nakrani also filed a complaint against Grover in January and March 2023 respectively for share dispute.

Grover and Bharatpe has been levelling allegations each other since Grover stepped down in March, 2022. Grover claims that his ouster was a conspiracy on part of every stakeholders: co founders, board and even the investors.