BharatPe sacks Ashneer Grover’s wife over financial irregularities

In yet another twist in the never-ending BharatPe controversy, the company has sacked its head of controls and wife of embattled co-founder Ashneer Grover, Madhuri Jain Grover, for alleged financial irregularities during her tenure in the company ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad.

Sources told PTI that ongoing review by risk advisory firm Alvarez and Marsal found that Grover allegedly “shared confidential information that was used by her father and brother to create and raise invoices on the company under the camouflage of certain third parties.” She reportedly also billed the company for beauty treatments such as laser genesis and clearlift in April 2021. In addition to this, reports say that she also billed the company for goods bought for her residence, which includes a TV and a fridge.

The list of allegations against Ashneer Grover’s wife doesn’t end there. As per the report, she also charged the company for family trips to the US and Dubai, inflated purchases of marketing and branding products, procured fake quotes from friendly parties and paid salary of main and personal staff from the company’s accounts.

A BharatPe spokesperson has confirmed Jain’s termination and sources have said that the company has also cancelled all the 244 unvested and 56 vested employee stock options (ESOPs). “As per your query, we can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement,” a BharatPe spokesperson told PTI.

Madhuri Jain Grover was heading the company’s finances since October 2018 and her services were terminated starting February 22, 2022.

Notably, it was reported that Jain had resigned from the company. Later she made a statement that the Board of BharatPe had accepted accepted the resignation that she never sent. Furthermore, reports suggest that her resignation was offered by her husband in the January 19 board meeting. Soon after, he took back his decision calling it a spontaneous decision. However, she was asked to go on a compulsory leave on January 20.

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