No Reprieve For Ashneer Grover: Delhi HC Lets ₹81 Cr Fraud Probe Proceed

The Delhi High Court decided to let the investigation against former Shark Tank India judge Ashneer Grover and his wife Madhuri Jain Grover continue, after a complaint by BharatPe in which the fintech company has accused the couple of a ₹81 crore fraud.

What Happened? Per a Bar and Bench report, the court decided not to suspend the investigation, seeing no valid reason to do so at this time.

In May 2023, the Economic Offences Wing (EOW) lodged a First Information Report (FIR) against Ashneer Grover, the co-founder and former managing director of BharatPe, his wife Madhuri Grover, and two other family members, on 8 counts of serious criminal offences.

Grover, Madhuri, and the others could face a sentence ranging from 10 years to life in prison if found guilty.

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A Timeline Of The Feud So Far: BharatPe, based in Delhi, lodged a criminal complaint against the Grover family with the EOW of the Delhi Police in December 2022. They accused the Grovers of a ₹81.28 crore fraud, aside from conspiracy, cheating, forgery, and destroying evidence.

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In the same month, BharatPe filed a civil lawsuit in the Delhi High Court, seeking more than ₹88.67 crore in damages from the Grover family.

BharatPe then went on to file a claim in Singapore to regain control over limited shares (1.4%) given to Grover and to stop him from using the founder’s title. This January, co-founder Bhavik Koladiya sued Grover to recover the shares transferred in December 2018.

Grover has been at odds with the fintech firm ever since allegations of financial irregularities were levelled against him in January 2022.

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Posted In: Ashneer GroverBharatPe