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."

Wavy Line
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.

Related Topics

Leadership

5 Traits and Characteristics of Successful Entrepreneurs in 2023

Entrepreneurship has become the new trending topic in the business world. In 2023, the entrepreneurial world is expected to flourish more than ever, and it will take a certain set of skills to be a successful entrepreneur. This article highlights what it takes to be a successful entrepreneur in 2023.

Growing a Business

How to Grow Your Business With Social Media

Miriam Fried, owner of MF Strong, shares why a solid online presence, including social media and Yelp, is important for starting a business and achieving continued growth.

Devices

Save $50 Off This Charging Station for Father's Day

Give dad the gift of power with this charging station.

News and Trends

EV Finance Company Revfin Secures $5 Million Investment From DFC

Revfin plans to utilize the funds for new products and expansion to new geographies

Growing a Business

14 Easy Ways to Rank Your Website Higher on Google

Despite Google's algorithm and regular updates, you can quickly boost your website's ranking with these tips.

Starting a Business

Free Event | June 27: Get the Answers to Your Solopreneur Challenges

Running a one person business is challenging, but we're here to help you. Tune into our video series, Solopreneur Office Hours, as our expert, Terry Rice, answers your most pressing questions.