April 14, 2024
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Former BharatPe CEO Ashneer Grover Faces Allegations of Financial Irregularities Amid EOW Investigation

Former CEO and co-founder of BharatPe, Ashneer Grover, finds himself embroiled in a mire of allegations following an investigation by the Economic Offences Wing (EOW). The probe has uncovered several perplexing transactions involving purportedly fake human resource consultancies, with substantial amounts totaling over ₹81 crores allegedly siphoned off through backdated invoices and fictitious deals.

A status report submitted by the agency to the Delhi High Court revealed payments of up to ₹7.6 crore routed to alleged fraudulent HR consultancies, along with ₹1.66 crore remitted as penalties to GST authorities. The investigation points to an additional ₹71.76 crore purportedly siphoned through fabricated transactions. Sources suggest the total amount under scrutiny could exceed ₹81 crore, with the investigation ongoing.

In response to these reports, Grover adopted a defiant stance on social media. He pledged to endure despite the ongoing turmoil, dismissing criticism from BharatPe, Sequoia Capital, journalists, and what he called ‘Twitter judges.’ Grover also aimed Sequoia Capital, noting their cessation of operations in India. He asserted confidence in his position, referencing ongoing legal proceedings and claims of compliance with tax obligations.

Furthermore, Grover made assertions regarding BharatPe’s board and transactions, stating that the board had ratified all dealings involving the sole ‘related party,’ Madhuri Jain, who was terminated from her role as head of controls in 2022 following a forensic audit uncovering irregularities. Grover’s resignation as CEO in March 2022 followed the dismissal of Jain.

The unfolding situation casts a shadow on the former CEO’s tenure at BharatPe, as investigations delve deeper into the alleged financial irregularities, underscoring a contentious chapter in the company’s history.

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