The first invoices from five firms linked to BharatPe co-founder Ashneer Grover’s family, accused of siphoning funds from the fintech unicorn under the guise of recruitment services, have been found to have bank account numbers created after the invoice dates.
What Happened: The Economic Offences Wing’s preliminary investigation exposed the alleged backdating of invoices, with an example showing an invoice for ₹39.9 lakh raised on August 7, 2019, having an associated bank account opened on August 22, 2019, Mint reported.
“These invoices were provided by the vendors as well as complainant company to the investigating agency, which established that these fake invoices were created at a later stage after the opening of bank accounts of these firms. These firms were established and their bank accounts were opened only for the purpose of siphoning of funds and for causing wrongful gain to the alleged persons," the status report submitted to the Delhi High Court found.
BharatPe filed a criminal complaint last year, accusing the Grovers on 17 counts, including embezzlement and forgery, which could lead to imprisonment for up to ten years if proven guilty.
In a civil suit against Ashneer Grover, Madhuri Jain and other family members, BharatPe is seeking over ₹88 crore in damages for the alleged misappropriation of funds. The lawsuit unveils a web of fake bills and fund misappropriation for personal use.
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The fintech unicorn also alleges that Grover contributed nothing to BharatPe’s technology or concept, claiming his association began in 2018 with a “paltry” investment of ₹31,920.
The scandal has plagued BharatPe since 2022 when Grover faced accusations of using inappropriate language and making threats. He took voluntary leave and later resigned as managing director, while Madhuri Jain was fired over allegations of fund misappropriation.
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