BharatPe Co-Founder Ashneer Grover has resigned from the firm and its board of directors. This comes only days after BharatPe dismissed his wife Madhuri Jain Grover for allegedly falsifying invoices and charging the company for personal beauty treatments and international vacations.
The report says, Madhuri Jain Grover received invoices for payments and submitted them to the accounts team in three occasions where these consultants were paid.
Moreover, these bills were generated by Shwetank Jain, Madhuri Jain Grover’s brother. Vendors who received money as recruitment expenses do not have their own websites or portals, and their invoices are comparable as well.
As per the report, on October 21, 2021, the Directorate General of GST Intelligence (DGGI) conducted a search operation at BharatPe’s headquarters.
In a letter addressed to the BharatPe board, he stated, “I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.”
Mr Grover also shared that “from being celebrated as the face of Indian entrepreneurship he is now wasting his time fighting a long, lonely battle against his own investors and management. Unfortunately, in this battle, the management has lost what is actually at stake – BharatPe.”
Ashneer Grover was placed on leave after being accused of abusing Kotak Mahindra Bank employees and engaging in fraudulent acts, both of which he denies.
When Nykaa’s initial public offering (IPO) was released, Mr Grover and his wife alleged that the bank had broken a promise to get them shares worth Rs 500 crore.
He had filed an arbitration complaint with the Singapore International Arbitration Centre (SIAC), saying that the company’s probe of him was unlawful. The SIAC, on the other hand, denied his request, leaving him with no remedy.
In the end of January, BharatPe issued a statement refusing that any employee was fired after rumours swirled on social media about Ashneer Grover’s exit from the organization.
BharatPe is a software application that helps small merchants and Kirana (Grocery) shops in India maintain their sales. It has had a good response from its users in the last two years. Bharat Pe is on the Play Store with over one crore+ downloads.