The former managing director and co-founder of BharatPe, Ashneer Grover, has spoken out after the Delhi Police’s economic offences wing (EOW) lodged an FIR against him. Despite the charges, Grover has offered his full cooperation with law enforcement agencies.
In an interview with the Times of India, Grover hit out at the company’s management and claimed that BharatPe was a “failed fintech” with no business left. He also stated that he is confident in his innocence and is not afraid of the court’s decision.
Grover’s comments came just hours after the EOW lodged an FIR against him and two others for alleged cheating and forgery. The FIR accuses Grover and his colleagues of siphoning off Rs 7.5 crore from the company’s accounts.
According to reports, BharatPe has also filed a case against Grover and others for allegedly misappropriating funds and cheating the company. The fintech firm has claimed that Grover misused his position to create shell companies that were used to divert funds from BharatPe.
The company’s current management has also accused Grover of violating company policies and failing to meet performance targets. In a statement, BharatPe said that Grover’s actions had “led to serious financial and reputational losses” for the company.
Grover, however, has denied all the allegations against him and has accused the company’s management of making false claims to cover up their own failures. He claims that he was ousted from the company due to personal differences with the management and not because of any wrongdoing.
The ongoing legal battle between Grover and BharatPe has raised questions about the governance and accountability of fintech companies in India. The case has also highlighted the need for stronger regulations and oversight to prevent such incidents from occurring in the future.
Many industry experts believe that the case will have a significant impact on the Indian fintech sector and will lead to a re-examination of existing regulations and governance frameworks. They say that the incident highlights the need for greater transparency, accountability, and ethical standards in the industry.
Grover’s comments came after Delhi Police’s economic offences wing (EOW) lodged an FIR against him and three others on charges of cheating and forgery under the Indian Penal Code (IPC). The FIR was lodged based on a complaint filed by BharatPe’s current CEO Suhail Sameer.
According to Sameer’s complaint, Grover and the other accused created a fake loan account and siphoned off Rs 3.5 crore from BharatPe’s bank account. The complaint also alleges that Grover and the others created fake invoices and fabricated documents to deceive BharatPe’s investors.
BharatPe, a digital payments start-up, has been in the news recently for its rapid growth and fundraising. The company was valued at $2.85 billion in a recent funding round led by Tiger Global Management.
However, the company has also been in the midst of a leadership crisis. Grover was ousted as CEO in March this year, and since then, the company has been mired in a bitter legal battle between Grover and BharatPe’s board.
He also claimed that he had evidence to prove that BharatPe’s board had committed fraud, and that he would present that evidence in court. “I have enough evidence to show that BharatPe’s board has committed fraud. I will present that evidence in court, and let the law take its course,” he said.
In the meantime, the case against Grover and others will proceed through the courts, with both sides expected to present their arguments and evidence in the coming weeks. The outcome of the case will have far-reaching implications for the Indian fintech industry, and many will be watching closely to see how it unfolds.
