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After five months of investigation, the Delhi Police Economic Offences Wing (EOW) on Wednesday registered an FIR (first information report) against BharatPe’s former MD and Co-founder, Ashneer Grover, his wife Madhuri Jain, and other family members, based on the criminal complaint filed by the company.  

As per the FIR, which YourStory has reviewed, BharatPe has levelled allegations of sham transactions and embezzlement of Rs 71.76 crore, illegitimate payments of Rs 7.6 crore to bogus HR consultants on the basis of 86 false and forged invoices, inflated and undue payments through passthrough vendors, input tax credit and payment of penalty to GST authorities of Rs 1.66 crore, illegal payments to travel agencies basis false and fabricated invoices, personal enrichment through reimbursements using self-created fake and forged invoices, and destruction of evidence by Madhuri Jain. 

As per the modus operandi mentioned in the FIR, the accused cancelled the order (placed by the company) with the original vendor and then replaced them at an inflated rate of 15-40% with purported vendors (passthrough vendors) based in Panipat and having a nexus with the accused, causing wrongful gains to themselves and losses to the company, between the period of 2018-2021. 

Similarly, funds were siphoned off for personal travel bookings, hiring consultants, and procurement of materials.

In a statement to YourStory, BharatPe said “For the last 15 months, the company has been facing a vicious and malicious campaign run by Grover against the company, the board, and its employees. The registration of the FIR is a step in the right direction, which unearths various suspicious transactions made by the family for their personal pecuniary gains.” 

The investigation will now proceed as per due process of law.

Besides EOW, BharatPe has also filed a civil suit with the Delhi High Court seeking Rs 88.67 crore in damages. Further, the ousted co-founder is facing lawsuits from BharatPe cofounders Bhavik Koladiya and Shashvat Nakrani to reclaim their shares in Resilient Innovations, the parent entity that runs BharatPe.