The Economic Offences Wing of the Delhi Police has filed an FIR against BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81-crore fraud after a complaint by the fintech unicorn.
The case has been registered under Sections 406 (punishment for criminal breach of trust), 408 (criminal breach of trust by clerk or servant), 409 (criminal breach of trust by a public servant, or by banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security, will, etc.), 468 (forgery for purpose of cheating), 471 (using as genuine a forged) and 120B (punishment of criminal conspiracy). The company alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus HR 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.
Tag: BharatPe
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BharatPe co-founder Ashneer Grover, his wife, family booked
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BharatPe sacks co-founder Grover’s wife for irregularities
New Dlhi (TIP)-BharatPe has sacked its head of controls Madhuri Jain Grover – wife of embattled co-founder Ashneer Grover – for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad. While a company spokesperson confirmed the termination, sources with direct knowledge of the matter said BharatPe has cancelled all 244 unvested and 56 vested employee stock options (ESOPs). Madhuri Grover did not respond to an email sent seeking her comments. She was last month sent on leave within days of her husband announcing a three-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices.
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BharatPe acquires Payback India
Merchant payment and lending service provider BharatPe on Thursday, June 10, said it has acquired Payback India from American Express and ICICI Investments Strategic Fund.
The company, however, did not disclose the financial details of the transaction.
This is the first-ever acquisition by BharatPe and will make Payback India a wholly-owned subsidiary of BharatPe, a statement said.
Payback India – launched in 2010 – is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets.
The acquisition of Payback India is in line with BharatPe’s strategy to build a robust and engaged network of over 20 million small merchants by 2023, the statement said.
With Payback India, BharatPe will be able to enhance its value proposition for the merchant partners, it added.
Additionally, it will enable BharatPe to build a lucrative set of offerings for end customers, that will enhance footfalls at merchants and accelerate the growth of their businesses.