BharatPe Sues Ashneer Grover And His Family Over Misuse Of Company Funds

In a civil lawsuit, running into 2800 pages, filed in the Delhi High Court on Thursday, BharatPe has sought INR 88.67 crore from Grover, his wife Madhuri Jain Grover, and family members

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By Teena Jose

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Fintech unicorn BharatPe has filed a criminal suit against its ousted managing director Ashneer Grover, and his family for embezzling the company's funds for personal expenses including rent, plane tickets, and skin care products purchasing, as well as channelizing the money to fake vendors and recruitment services, according to a PTI report.

In a civil lawsuit, running into 2800 pages, filed in the Delhi High Court on Thursday, BharatPe has sought INR 88.67 crore from Grover, his wife Madhuri Jain Grover, and family members. It is alleged that they created fake bills, enlisted fictitious vendors to provide services to the company and overcharged the company for recruitment.

As per the report, the High Court issued the notice to the Grover family and asked them to respond within two weeks. The next hearing date has been set up for January 9. It also issued summons to the other defendants, including Ashneer Grover's brother-in-law, his father and his brother and, if found guilty, they could face imprisonment for up to 10 years.

"Pass a decree of permanent injunction restraining the defendants and/or anyone on their behalf in any manner whatsoever from making defamatory/derogatory statements concerning the petitioner (BharatPe), its directors, its employees and/or publicizing, printing the same in any medium or whatsoever," the suit said, while also directing the defendants to disclose their assets, according to the report.

During the hearing, senior advocate Mukul Rohatgi, appearing for BharatPe, reportedly contended that Ashneer Grover, his wife and other relatives were carrying out a vicious and vitriolic campaign against the company which has a large number of foreign investors.

BharatPe reportedly has filed a criminal complaint against Grover and his family with the Economic Offenses Wing of Delhi Police, alleging criminal breach of trust, conspiracy and destruction of evidence.

A company spokesperson in the news report quoted as saying, "BharatPe has initiated civil and criminal action against erstwhile co-founder and managing director Ashneer Grover, former head of controls Madhuri Jain Grover and other connected parties of their family for various claims, including misappropriation of company funds. We have full faith in the courts and authorities and are confident that justice will be done. As the matter is sub-judice, we have no further comment to offer at this stage."

In the civil suit, the company sought INR 83 crore for misappropriation of funds and INR 5 crore for the reputational damage caused by Ashneer Grover's public statements.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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