On Monday, BharatPe announced that it had reached a settlement with former co-founder Ashneer Grover, who will no longer be associated with the company. “As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company,” the company said in an official statement.
As part of the deal, some of Grover’s shares will be transferred to the Resilient Growth Trust, while the rest will be managed by his family trust. Both BharatPe & Grover have agreed not to pursue any legal action as part of their settlement.
The statement added, “We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants & customers, driving growth with profitability”.
The case pertains to BharatPe’s allegations against Grover of misappropriation of funds. BharatPe accused Grover & his family of causing losses of about Rs 81.3 crore. The allegations include improper payments to fake HR consultants, inflated costs from connected vendors, fake input tax credit transactions, illegal payments to travel agencies, forged invoices, & destruction of evidence.
On Sept 20, the Economic Offences Wing (EOW) of Delhi Police arrested Deepak Gupta, Grover’s brother-in-law, in connection with the case. The first information report (FIR) in the alleged Rs 81-crore fraud case was filed in May 2023. Gupta was named in this FIR, along with Grover & his wife, Madhuri Jain.
Gupta’s arrest was the second in this case. Before him, officials had arrested Amit Kumar Bansal, who was linked to non-existent firms that received Rs 72 crore in payments from BharatPe’s directors between 2019 & 2021.
The fintech firm was incorporated in April 2018.