Ex-BharatPe MD Ashneer Grover and family face FIR over alleged Rs 81cr Fintech fraud

Delhi Police's Economic Offences Wing (EOW) has reportedly filed an FIR against Former BharatPe MD Ashneer Grover, his wife and other family members over allegations of diverting Rs 81 crore of company’s money into personal use. Ashneer Grover, who co-founded BharatPe, has been involved in several legal disputes over the past six months. He was terminated from the fintech company in March 2022 on allegations of financial irregularities. BharatPe subsequently filed both a criminal complaint and a civil lawsuit against Grover and his family in December 2022, accusing them of fraud and seeking damages. The company also initiated an arbitration claim in Singapore to reclaim restricted shares and restrict Grover from using the title of "founder." Furthermore, a former colleague filed a lawsuit against Grover in January 2023, and he was sued by BharatPe's co-founder, Shashvat Nakrani, over unpaid shares.The charges against Grover and his family encompass serious cognizable criminal offenses such as criminal breach of trust, cheating, forgery, and criminal conspiracy. The FIR in the Economic offense wing came after a thorough investigation into the allegation against Grover, EOW officials claimed. BharatPe has welcomed the filing of the FIR, considering it a positive development that exposes dubious transactions carried out by the family for personal financial gain. The company expressed confidence in the country's judicial and law enforcement systems and expressed its willingness to cooperate fully with the authorities. MZM Legal, the firm advising BharatPe on the criminal complaint, expressed satisfaction with the registration of the FIR and acknowledged the thorough inquiry conducted by the EOW based on voluminous documentary evidence.