< Former Bharatpay CEO Ashneer Grover cheated by creating fake invoices worth crores of rupees - sources- CMB College

Former Bharatpay CEO Ashneer Grover cheated by creating fake invoices worth crores of rupees – sources

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Special items

  • The Economic Offenses Wing submitted a status report to the High Court
  • Ashneer Grover in Bharatpay Rs. 81 crores of malpractice is alleged
  • Fake HR consultancies are also used for fraud

Mumbai:

Ashneer Grover, co-founder and former CEO of BharatPe, an Indian fintech company, has mounting troubles. The Economic Offenses Wing (EOW) of the Delhi Police is investigating allegations of fraud against Ashneer Grover and his wife Madhuri Jain Grover. Based on this investigation, Delhi Police has made new revelations. The investigation revealed that companies linked to Ashneer Grover and his family members used backdated currency to withdraw money for work done for fintech unicorns. These currencies were worth crores of rupees. However, the Economic Offenses Wing is yet to get information about several companies, which were paid by BharatPe.

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A status report filed by the EOW in the Delhi High Court said the accused allegedly used backdated currency to transfer money from the BharatPe account for payment of commission in lieu of recruitment work.

According to the status report, at least Rs 7.6 crore was allegedly paid to the fake HR consultancy. While Rs 1.66 crore was paid as penalty to the Goods and Services Tax (GST) officials. Apart from this, 71.76 crore rupees were withdrawn through fraudulent transactions.

According to the EOW, transactions worth over Rs 81 crore have been reported so far. The investigation is still ongoing. The EOW status report said, “During investigation, verification of account number (redacted) (allegedly of Madhuri Jain/Grover) revealed that approximately Rs. 5 crore was transferred to him, Rs. 3 crore to father Suresh Jain and Rs. 3 crore to mothers. Santosh transferred Rs 2 crore to Jain-Bhai Shwetank Jain respectively.

The EOW said Bharatpay’s former head of control Madhuri Jain was sacked in 2022 after a forensic audit unearthed several irregularities. Following this, in March 2022, Ashneer Grover resigned as CEO.

According to the EOW, “Furthermore, the investigation revealed that the applicant Ashneer Grover had transferred Rs 46 crore to his father Ashok Grover’s account during 2019 to 2022. This is a huge amount. The transaction is yet to be verified.”

The EOW had earlier this year registered an FIR in the case under Section 8 of the IPC. These include criminal breach of trust, fraud and dishonesty and fabrication clauses.

BharatPe has alleged in its complaint that Ashneer Grover and his family, among other allegations, allegedly made illegal payments to a fake HR consultant to the tune of around Rs. 81.3 crore has been lost.

Also Read:-

An FIR has been registered against Ashneer Grover and his family in the 81 crore fraud case

BharatPe: Delhi Police claims- HR firms associated with Ashneer Grover embezzled ₹7.5 crore

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