Big shock for Bharatpay co-founder, former MD!
Financial technology unicorn BharatPay has filed a criminal case and a civil suit against its former managing director (MD) and co-founder Ashneer Grover and his family. On charges of fraud and misappropriation of funds Rs. Bharat Pay has demanded compensation of up to 88.67 crores.
In the nearly 2,800-page complaint, Bharatpay has leveled serious allegations against Grover, his wife Madhuri Jain and other family members. These include allegations of payment of fake bills, creation of fictitious vendors to provide services to the company and overcharging the company for recruitment. The Delhi High Court issued notices to Grover and his family members on the complaint. It has been suggested to give answers within two weeks. The case was adjourned to January 9 for further hearing.
Here’s the gist…
Four years of Bharatpay were in the news earlier this year when Grover and his wife Madhuri Jain Grover used abusive language and threatened a Kotak Group employee over Naika’s failure to secure funds for its IPO. In these circumstances, Bharatpay appointed Alvarez Marsal, Shardul Amarchand Mangaladas, PWC to conduct a corporate governance review of the company and determine whether Grover had committed willful misconduct.
This led to the removal of Grover and his wife from the company’s board in March. The organization has decided to take action against all the employees who have committed misconduct along with them. Actions have also been taken against Ashneer Grover’s involvement in irregularities, including withdrawal of restricted shares.