 "BharatPe settles with Ashneer Grover amid fraud allegations, severing ties as the scandal escalates with arrests of associates.")
BharatPe has reached a settlement with its former co-founder Ashneer Grover, who will no longer be involved with the company or hold any shares. As part of the agreement, some of Grover’s shares will be transferred to the Resilient Growth Trust, while others will be managed by his family trust. Both parties agreed to avoid any legal action. This settlement comes amid serious allegations against Grover regarding misappropriation of funds, which BharatPe claims has caused losses of about Rs 81.3 crore through various fraudulent activities. Recently, Delhi Police arrested Grover’s brother-in-law in connection with the ongoing investigation into these claims, which began in May 2023. BharatPe continues to focus on its growth and service to customers.
BharatPe, a prominent fintech company, has announced a significant settlement with its former co-founder, Ashneer Grover. In a statement released on September 30, 2024, the company confirmed that Grover will no longer be associated with BharatPe in any role or shareholding capacity. As part of this agreement, some of Grover’s shares will be transferred to the Resilient Growth Trust, while the rest will be managed by his family trust. Additionally, both parties have agreed to refrain from pursuing any legal actions against each other.
In the company’s statement, they expressed their well-wishes for Grover while reiterating their commitment to providing top-tier solutions to merchants and customers. This settlement comes amidst allegations of fund misappropriation against Grover, with BharatPe asserting that he and his family caused losses amounting to approximately Rs 81.3 crore. Allegations include improper payments to fake HR consultants and inflated costs from related vendors.
The controversies surrounding Grover have led to arrests linked to the case, including his brother-in-law Deepak Gupta, who was taken into custody by the Economic Offences Wing of Delhi Police. An FIR was initially filed in May 2023, alleging extensive financial misconduct involving Grover and others.
As BharatPe moves forward, the focus remains on growth and profitability in the competitive fintech landscape.
Tags: BharatPe, Ashneer Grover, fintech news, financial misconduct, settlement, Economic Offences Wing, Delhi Police.
What happened between BharatPe and Ashneer Grover?
BharatPe and its former co-founder Ashneer Grover have reached an agreement and dropped their legal battles against each other.
Why did BharatPe take legal action against Ashneer Grover?
The legal action was due to disputes related to his departure from the company and claims of misconduct.
What does it mean that they settled?
Settling means both sides agreed on terms to resolve their issues without continuing with the legal fight.
Are there any details about the settlement?
Details of the settlement have not been publicly shared, so we don’t know the specific terms.
What’s next for BharatPe after this settlement?
BharatPe can focus on its business and growth plans without the distraction of ongoing legal issues.
