BharatPe Fires Madhuri Jain Grover Amid Allegations Of Financial Fraud

Fintech company BharatPe has terminated the services of its head of controls, Madhuri Jain Grover, amid allegations of financial fraud surrounding her, reports said Wednesday. She is the wife of the company's co-founder Ashneer Grover, who is also one of the investors in the panel on television show Shark Tank India. 

In a strongly-worded Twitter thread in which she tagged top executives associated with the company, Grover reacted to the episode saying, "Congrats @SuhailSameer14 @BhavikKoladiya and Shashvat Nakrani. Now you may indulge in your ‘drunken orgies’ without having to wait for me (righteous lady) to leave office. Slow clap !!"

She alleged she was treated like an object with the "male chauvinistic board" supporting the officials at BharatPe. Grover attached videos in her posts, purportedly of office parties.

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As quoted by Moneycontrol, sources in the know about Grover's sacking said, "Her contract has been terminated. Reasons for termination are misappropriation of funds and authorisation of inflated bills, among other things." Reports suggest the funds were allegedly going towards personal purchases.

Earlier this month, risk advisory firm Alvarez and Marsal had reportedly claimed there were inconsistencies in dealings at BhartPe, as revealed through an audit. The findings suggested that funds were moved to vendors and consultants who did not exist.

In multiple such dealings, Grover is said to have received the payment invoices. The audit report estimates the allegedly misappropriated funds to be to the tune of Rs 53.25 crore.

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This update is part of an unfolding saga of trouble at BharatPe, where founder Ashneer is also under fire for allegations relating to leaked audio clips that purportedly captured an exchange with Kotak Mahindra. More here.

According to a report by Economic Times, the company recently accepted a resignation from Grover that she later said she never tendered. The company board said they had not asked Grover for her resignation but that she was asked to go on compulsory leave of absence from January 20.

Sources quoted in the report claimed it was Ashneer who offered Grover's resignation at a meeting held a day prior to when she was asked to go on leave. Grover said that her role at the company went beyond being Ashneer's wife and that her "resignation" went against "every known norm of corporate governance and propriety."