Former MD Ashneer Grover
One of the Fintech Unicorn BharatPe accused Former MD Ashneer Grover and his family members of paying company money for their personal expenses. The company claimed they were paying for rent, and plane tickets, and channeling money to unrecognized vendors and other services. BharatPe filed a civil lawsuit in Delhi High Court. Fintech asked for a redemption amount of around 90 Crores from the Grover Family. According to the report, the company claimed Grover created fake vendors to provide services for fintech. Raised fake invoices and charged more from Fintech. The complaint also includes the name of Shwetank Jain, Suresh Jain, and Deepak Gupta.
The distributed amount of the filesuit is ₹71.7 crores for the fake vendors existing, Paying service to the recruitment equals ₹7.6 crores. Furthermore, the company asking for ₹5 crores for the reputation of the company. Grover Family damage the company’s brand image through tweets and other social handles. Eventually, which makes a total of ₹88.67 crores. The company also said Ashneer Grover running a vicious campaign through social propaganda. According to the Grover family advisers, the complaint was a “Civil complaint for the recovery of the brand reputation damage caused by the Grover Family. One team is headed by Ashneer Grover’s wife Madhuri Jain Grover, The other team is against BharatPe.”
The court asked the Grover family to respond within two weeks regarding the company charge. The court has given the first hearing date on the first week of January.BharatPe is represented by the law firm Trilegal. Moreover, the fintech company has been accused of Forgery, Cheating, and Criminal of Trust.
Over the past year, Asherneer created a different and local entrepreneur image. In the first season of Shark Tank, Ashneer joined as a shark and supported many startups. Though Ashneer completed his graduation from the Indian Institute of Technology Delhi and the Indian Institute of Management Ahmedabad. After working in various companies like Grofers, and Kotak Investment Bank. But according to Ashneer, he learns business when he is working at PC Jeweller Ltd and learned about local markets. After that, he created BharatPe which got a massive success.