New DelhiOne hour ago
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BharatPe has registered a case under section 420 against Madhuri Jain, wife of its former managing director Ashneer Grover and former controlling head. Mint has published a report regarding this. According to the report, the matter will be heard in the Delhi High Court today. The case has been registered after BharatPe’s board ousted both Ashneer Grover and his wife for misappropriation of funds.
Fraud of more than Rs 80 crore
A Mint report quoted a person familiar with the matter as saying that the probe by BharatPe’s board is now complete. The audit is done, and the full report is ready. Based on the report, BharatPe has registered a criminal case for fraud of over Rs 80 crore. Section 420 of the Indian Penal Code (IPC) deals with cheating. The maximum punishment for the offense is imprisonment of up to 7 years and fine.
Grover was defeated by SIAC
Earlier, Grover had filed a case at the Singapore International Arbitration Center (SIAC). Grover had claimed that BharatPe’s probe against him was illegal. Grover was represented by Karanjawala & Co., while BharatPe was represented by senior advocate Abhishek Singhvi. Ten days after the SIAC verdict, Grover was sacked from all positions in BharatPe.