BharatPe accuses Ashneer Grover and family for misappropriating funds

Fintech firm BharatPe’s board released a statement saying that the controversial founder of the firm Ashneer Grover and his family have been found guilty of misappropriating company funds.The company has taken strong objection to Grover spinning lies and hurling baseless allegations and threats.

BharatPe board claimed that Grover had resigned minutes after he had received “some of the results of the inquiry would be presented to the board.” “…he quickly shirked responsibility by sending an email to the Board submitting his resignation and fabricating another false narrative of the events to the public,” the board said in a statement.

Earlier last month, BharatPe fired Madhuri Jain, the Head of Controls and wife of Ashneer Grover, on the charges of ‘misappropriation of funds’. Grover had resigned as the Managing Director and a Director on the company’s board amid two-month long controversy.

The statement also mentioned, “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 account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles. The company reserves all rights to take further legal action against him and his family.”

It further said that the Board is taking all necessary steps to further strengthen the company’s corporate governance, including the appointment of an audit committee, an internal auditor, and the implementation of other key internal controls.

“The success of BharatPe is a result of the collective effort of a large team of dedicated and talented professionals, and not any one individual. We are confident that the company is marking the beginning of a new chapter in its success–one grounded in trust and integrity–and we are excited to embark upon this next leg of our journey,” the board added.

After the company’s public allegations of financial misconduct, Grover said, “I am appalled at the personal nature of the company’s statement, but not surprised. It comes from a position of personal hatred and low thinking. The only thing lavish about me is my dreams and ability to achieve them against all odds through hard work and enterprise. I hope the board can get back to working soon. I, as a shareholder, am worried about the value destruction. I wish the company and the board speedy recovery.”