FIR Registered By BharatPe Against Ashneer Grover ,Family For Defrauding Of 81 Crores

Recently, FIR has been filed against one of the most powerful sharks of the Shark tank Ashneer Grover and his family for defrauding BharatPe of Rs. 81 crores. Well, this is not the first time they get into these allegations.

Seems like the shark getting feared by the dolphin’s named judiciary and its own companies frustrated employees.

It is important to discuss the details of the case and what would be happening in the coming days.

Mr.Grover is known for his furious attitude, he’s like the Gordon Ramsay of entrepreneurship, but unlike him, Asneer Grover has achieved mastery at making people’s lives hell by hurting their self-esteem in his show.

Origin of BharatPe: 

Ashneer Grover and his family were charged with defrauding their payments firm BharatPe of Rs. 81 crores. He founded the company in 2018 and it grew to become India’s second-largest provider of digital payments solutions for merchants. It raised over $200 million from prominent investors like Tiger Global, Coatue Management, Insight Partners, and Ribbit Capital. The company’s valuation reached $900 million after the last funding round in February 2021. But now, the company has accused its former MD and co-founder of fraud worth Rs. 81 crores.

Action against Ashneer Grover and his family 

Delhi Police of Economic Offences has registered yet another FIR about the former managing director of BharatPe Ashneer Grover and his family members the FIR was registered after BharatPe registered a complaint against them last December 2022.

 Police claim all of the charged family members have been booked under IPC sections 409 (criminal breach of trust by a public servant, banker), 420 (cheating and dishonestly inducing delivery of property), 416 (cheating by impersonation), 467 (forgery of valuable security), and 120B (criminal conspiracy).

BharatPe has released their statement saying over the last 15 months the company has been dealing with a lot of troubles which are claimed to be plotted by Mr.Grover against the company and its employees, and they welcome the registration of the FIR. 

They believe that registration of the FIR is a step towards an honest direction, which will pull out several suspicious transactions that the family made for their gains. 

The company is putting all of its faith in the  FIR as they believe that it’s the only way to sanction the law enforcement agencies to investigate deeper and bring the culprits to books. 

The company believes that this fraud case will come to a logical end as they still have faith in the legal and law enforcement systems. They continued by saying that they will continue to work with the authorities and will try to help them in every possible way.

The complaints attorney Zulfiquar Memon shared his gratitude to EOW as has made a thorough investigation once they filed their FIR.

About the alleged fraud case 

As per the company’s statement, the accused Ashneer Grover floated several overseas entities to create fake loan accounts on behalf of merchants. However, once the money reached these accounts, it was illegally transferred to some unknown Indian companies controlled by him and his family. Moreover, the transactions between BharatPe and the fake entities were made using fake documents. This led to a loss of Rs. 81 crore to BharatPe.

To add more information it has been claimed that illegal payments were happening to suspicious travel agencies which share a connection to Mr. fabricated invoices for services already availed from genuine providers.

Grover was founded on fraudulent and misleading invoices for services already obtained from legitimate suppliers.

Punishment for Accused: 

The punishment for fraudulent activities in India is a serious offense. If proven guilty in the court of law, Ashneer Grover and his family could face imprisonment of up to 7 years, along with a financial penalty. Not only this, but it can also damage one’s reputation in the market and affect future career opportunities.

Furthermore, the Securities and Exchange Board of India (SEBI) will also investigate the case. The committee has begun investigating BharatPe and its founders to ensure that investors’ interests are protected. They would also check if there was any insider trading before the fraudulent activities. 

Even after all the proves and charges Grover still claims that he is on the right side and all the accusations are false

Fraudulent activities are dangerous, not only for the company but for the country’s economy as well. Illegally transferring money from an investor to one’s account for personal gains is a condemnable act that warrants punishment. In this regard, the FIR registered against Ashneer Grover and his family for defrauding BharatPe of Rs. 81 crore is a significant development. They should be held responsible for their actions and face severe consequences for the loss incurred by the company. It is crucial to remain hopeful that justice is served in the best way possible to the company.

It would be important to keep an eye on him to look to his next move and how he is going to rebrand himself this time.

Proofread & Published By Naveenika Chauhan