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Fintech startup BharatPe has filed an FIR against the former head of controls, Madhuri Jain, under Section 420. Jain is the wife of former BhartPe managing director Ashneer Grover. The case will be heard in the Delhi high court on Thursday, a report by Mint said.
BharatPe sacked Jain in February on charges of misappropriation of funds. Later in March, Grover stepped down from his post and resigned from the company. Jain’s firing was based on a report by Alvarez and Marshal submitted to the company’s board in January. It showed irregularities related to vendor payments.
Later, Pwc was brought in to investigate the charges further. According to the report, a criminal case for fraud of Rs 88 crore will be filed by BharatPe against Jain.
Ashneer Grover: A timeline of what went wrong at BharatPe
January 5
An audio, allegedly of Grover, surfaces on Twitter where he was hurling expletives at an employee of the Kotak Mahindra Bank over an IPO financing for Nykaa IPO.
January 6
Grover says that the audio clip is fake and some “scamster” was trying to extort $240,000 from him using the clip.
January 8
The tweet was reportedly deleted from Twitter and SoundCloud. Grover also deleted his earlier tweet.
January 9
Reports surfaced stating that Grover and Jain had sent a legal notice to Kotak Mahindra Bank on October 31, 2021, for failing to provide financing for Nykaa IPO. In January, the bank said it would take “appropriate legal action” against Grover over the audio clip.
January 17
Additional reports emerge stating that in August 2020, Grover had hurled expletives at Sequoia India’s Harshjit Sethi.
January 19
Grover goes on “voluntary” leave until the end of March.
January 29
The board announces an independent audit of BharatPe’s internal systems.
January 30
Pressure mounts on Grover to leave the company permanently; he hires a Delhi-based law firm.
February 4
A preliminary audit report emerged highlighting evidence of fraudulent transactions in recruitments and payments to non-existent vendors.
February 10
Jain writes a letter to Alvarez & Marshal (A&M) asking about media leaks. She said that they would take legal action against the firm.
February 22
Grover files an arbitration plea in Singapore seeking protection of his 9.5 per cent stake in the company. He also sought protection from any future action against him.
February 23
BharatPe sacks Jain on charges of misappropriation of funds. She had been in control of the company’s finances since 2018.
February 27
The arbitration centre in Singapore rejects Grover’s plea to stop the ongoing review of the company.
March 1
Grover resigns from the company and the board.
The disagreements between the employees and the board of the company continued.
August 3
BharatPe’s co-founder Bhavik Koladiya resigned from the company citing disagreements with the company’s management.
November 28
Company’s CTO Vijay Aggarwal, head Nehul Malhotra and chief product officer Rajat Jain quit BharatPe.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
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