Get All Access for $5/mo

FIR Against Ashneer Grover And His Family The FIR has been registered under eight sections of the Indian Penal Code (IPC), including forgery and cheating

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

Delhi Police's Economic Offences Wing (EOW) has lodged a first information report (FIR) against Ashneer Grover, former managing director of BharatPe, his wife Madhuri Jain Grover, and other members of the family on BharatPe's complaint for alleged INR 81 crore fraud. The FIR has been registered under eight sections of the Indian Penal Code (IPC), including forgery and cheating.

"The complaint was received at EOW and enquiry has been conducted into the allegations levelled against alleged persons. From the contents of the complaint and enquiry conducted so far, prima-facie offences punishable under Sections 406/408/ 409/420/467/468/471/120B IPC (Indian penal code) are made out," the FIR copy reads.

According to the report, BharatPe in the complaint alleged that Grover and his family caused damages of about INR 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence.

"For the last 15 months, the company has been facing a vicious and malicious campaign run by Grover against the company, the board and its employees. The registration of the FIR is a step in the right direction, which unearths various suspicious transactions made by the family for their personal pecuniary gains," BharatPe reportedly said in a statement.

The statement added, "This FIR will now enable the law enforcement agencies to investigate deeper into the criminality and bring the culprits to books… MZM legal is advising us (BharatPe) on the criminal case."

BharatPe had filed a criminal complaint in December last year against Grover and his family with the EOW of Delhi Police, alleging fraud of INR 81.82 crore. It alleged that Grover, his wife Madhuri Jain, who was the head of controls at Bharat Pe and was fired earlier in 2022, and other family members created fake bills, enlisted fictitious vendors to provide services to the company and overcharged the company for recruitment.

In his resignation letter in March 2022, Grover wrote: "I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I've been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which they are ostensibly trying to protect."

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.
Business News

These Are the Best Cities for Starting a Business — and Surrounding Yourself With Millionaires

Here are 10 U.S. cities that stand out for entrepreneurship, according to a new report.

Science & Technology

AI for the Underdog — Here's How Small Businesses Can Thrive With Artificial Intelligence

How small businesses can harness the power of AI to streamline operations, enhance customer experiences and drive growth.

Business News

'Let It Go': A Couple Has Spent $400K Suing Disney After Being Banned From the Park's Exclusive 33 Club. Social Media Reactions Have Not Been G-Rated.

After getting banned from the exclusive members-only club for alleged bad behavior, a California couple has spent a fortune trying to get back to paling around with Mickey.

Growth Strategies

5 Lessons From The Most Successful Entrepreneurs

These are the top 5 success stories of entrepreneurs to help you get valuable life lessons and increase your chances of striking it big in this cutthroat industry.

Business News

Is MySpace Coming Back? An 18-Year-Old Made a Clone and It Just Hit 1 Million Users.

The founder of the MySpace clone website wouldn't have been old enough to sign up for the original when it first launched in 2003.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.