In a recent development, Ashneer Grover, co-founder of BharatPe, and his wife Madhuri Jain have been summoned by the Delhi Police’s Economic Offences Wing (EOW) to appear at the Mandir Marg office on November 21. This summons is in connection with an alleged ₹81-crore fraud at the fintech unicorn, following a complaint filed by BharatPe.
The couple’s appearance is part of an ongoing probe, with EOW officials confirming the issuance of a lookout circular that led to their detention at the Delhi airport. This development unfolded shortly after Mr. Grover claimed on X that he and his wife were stopped on Thursday while en route to New York for vacation.
The EOW had previously filed an FIR against Ashneer Grover, Madhuri Jain, and their family members Deepak Gupta, Suresh Jain, and Shwetank Jain in May, citing an ₹81-crore fraud case. BharatPe alleges damages of approximately ₹81.30 crore, pointing to illegitimate payments, inflated transactions, sham transactions in input tax credit, and other financial irregularities.
According to EOW sources, a status report was filed in court on November 7, indicating progress in the investigation. If convicted, the accused individuals could face severe consequences, ranging from 10 years to life in prison.
This legal saga began in December 2022 when BharatPe filed a civil suit in the Delhi High Court against Ashneer Grover and his family, seeking up to ₹88.67 crore in damages for alleged cheating and embezzlement of funds. The company contends that the accused orchestrated fraudulent activities, including payments to bogus human resource consultants, inflated transactions, and the destruction of evidence.
As the investigation unfolds, the fintech industry closely watches the implications of these allegations on one of its prominent figures. The summons and ongoing legal battles shed light on the challenges faced by high-profile individuals in the business world, raising questions about corporate governance and financial transparency.