Grover Siphoned Funds for Lavish Lifestyle: BharatPe

Story Highlights
  • BharatPe co-founder and MD fired from company.
  • Board accuses Grover and wife allegedly misused companies funds and siphoned money.
  • Grover had submitted an emotional resignation letter on Tuesday, ahead of board meeting.

India’s latest unicorn start-up, merchant payment solutions provided BharatPe accuses Ashneer Grover and wife gloved hand in hand for extensive misappropriation of company funds. The fintech members accused the MD of spinning lies and hurling baseless allegations and threats against the company a day before he resigned.

“The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company’s expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,”  the Board elaborated.

Citing the final findings of the internal governance review undertaken by BharatPe and its board, it is officially announced that Grover was ‘no longer an employee, a founder or a director of the company’.

The statement by the board read-The Board will not allow the deplorable conduct of the Grover family to tarnish BharatPe’s reputation or that of its hard-working employees and world-class technology. As a result of his misdeeds, Grover is no longer an employee, a founder, or a director of the company.

The Board as per the findings, also claims Grover allegedly created fake vendors through which he siphoned funds away from the common account. It remained clear on its right to legal against him and his family in their statement.

Ashneer Grover had sent an emotionally-charged resignation letter ahead of the crucial BharatPe board meeting as an independent PwC ‘governance review’ found him guilty of financial irregularities worth several crores along with his wife Madhuri Jain Grover

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