New Delhi: Recent investigations by the Delhi Police’s Economic Offences Wing (EOW) have brought to light alleged financial irregularities in the operations of BharatPe, a fintech company. Co-founder Ashneer Grover and his family members are reportedly involved in questionable practices, including the use of backdated invoices to channel funds.
Eight HR consulting firms associated with Grover’s family, such as True Work Co., Team Source, and Impulse Marketing, filed bills with closed bank accounts, suggesting potential fabrication of invoices. The investigation reveals that these seemingly distinct entities share the same registered address, raising concerns about their legitimacy and independence, hinting at a possible conflict of interest.
The use of backdated invoices not only raises questions of financial impropriety but also challenges the transparency and accountability of BharatPe’s financial operations, according to the reports. The EOW’s difficulty in tracing vendor payments adds complexity, prompting scrutiny into BharatPe’s due diligence in its business transactions.
In May this year, the EOW had registered an FIR against former BharatPe managing director Ashneer Grover for cheating and fraud amounting to Rs 81 crore. The FIR includes names of Grover’s wife Madhuri Jain Grover and other family members. The investigation is ongoing, and the FIR covers various sections of the Indian Penal Code related to criminal breach of trust, cheating, forgery, and criminal conspiracy.
BharatPe welcomed the FIR, stating that it is a step in the right direction to unearth suspicious transactions made by the family for personal gains. The company expressed confidence in the judicial and law enforcement systems and pledged cooperation with the authorities in the ongoing investigation. Legal advisors at MZM Legal are supporting BharatPe in the criminal case.
