A lawsuit by BharatPe alleges Madhuri Jain approved payments totaling Rs 7.6 crore to eight such vendors who allegedly did not render recruitment services to the company.
Ashneer Grover, co-founder of BharatPe, along with his wife Madhuri Jain, encountered an impediment at the Indira Gandhi International Airport due to a lookout circular (LoC) issued against them by the Economic Offence Wing (EOW) of the Delhi Police. The LoC stemmed from an ongoing investigation involving alleged misappropriation of funds and losses amounting to Rs 81 crore to Resilient Innovations Private Limited (RIPL), the operating entity behind BharatPe.
The couple, en route to New York, was directed back to their residence in Delhi and asked to participate in the EOW's investigation the following week.
In June, the EOW had filed an FIR against the couple and some of their family members, citing financial irregularities and losses incurred by RIPL. The FIR named Ashneer Grover, Madhuri Jain Grover, and other family members, linking them to purported activities including generating backdated invoices to divert funds from BharatPe. Investigations indicated discrepancies in invoices issued by HR firms associated with Grover's family, revealing bank accounts created after the invoices' dates.
A lawsuit by BharatPe alleges Madhuri Jain approved payments totaling Rs 7.6 crore to eight such vendors who allegedly did not render recruitment services to the company. These vendors' registered addresses were connected to Jain's family or relatives, raising suspicions of fraudulent practices.
Moreover, BharatPe claimed that Jain and her family members orchestrated these deceitful transactions involving recruitment services, alleging close ties between the accused and these vendors. The company pursued legal action seeking damages exceeding Rs 88 crore for the alleged fund misappropriation.
Adding to the accusations, BharatPe contended that Grover made minimal contributions to the company's technology or concept despite joining in 2018 with a meager investment, receiving shares in return.
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 "BharatPe ex-CEO Ashneer Grover and wife stopped by cops at Delhi airport")
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