comscore BharatPe Board finds Grover, family guilty of fraud for siphoning company money: Report
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BharatPe accuses Ashneer Grover, family of fraud for ‘siphoning money’ from company

BharatPe board has planned to strengthen the company’s corporate governance. They will institute an audit committee and an internal auditor to achieve this goal

BharatPe Founder Ashneer Grover

Image: Ashneer Grover/Twitter


One day after Ashneer Grover resigned from the position of managing director of BharatPe, the board has come up with its findings on the internal investigation. The BharatPe board has released a strong statement about Grover and his family. The investigation found that Grover and his family member were siphoning funds from company accounts “to enrich themselves and fund their lavish lifestyles.” Also Read - SBI users might fall victim to this scam SMS and lose money: Here's what the government says

A report from ET Tech shared the statement by the BharatPe board. According to the statement, BharatPe said, “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 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.” Also Read - Ashneer Grover controversy: BharatPe removes Grover's profile from official website

The statement further said, “The Board will not allow the deplorable conduct of the Grover family to tarnish BharatPe’s reputation or that of its hard-working employees and world-class technology. As a result of his misdeeds, Grover is no longer an employee, a founder, or a director of the company.” Also Read - “I write this with a heavy heart...”: BharatPe founder Ashneer Grover resigns

The new allegations from the board come a day after Grover resigned and almost a week after the Madhuri Jain was fired.

BharatPe board also announced some new initiatives built to avoid future misuse of company funds. The board has planned to strengthen the company’s corporate governance. They will institute an audit committee and an internal auditor to achieve this goal.

So far, Grover has not responded to these direct allegations. A copy of his resignation letter was spotted yesterday. In the letter he said, “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 they are ostensibly trying to protect.”

These allegations by Grover have been categorically denied. The latest statement from the board said, “Minutes after Ashneer Grover received notice that 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.”

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  • Published Date: March 2, 2022 2:14 PM IST



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