In a stunning change of events, fintech firm BharatPe announced on Wednesday that co-founder Ashneer Grover has been fired from all roles at the business for allegedly misappropriating cash in large amounts. Grover tendered his resignation on Tuesday, minutes after receiving the agenda for the Board meeting, which included discussion of appropriate action against him based on the report presented by consulting company PwC.
“The Board will not allow the deplorable conduct of the Grover family to tarnish BharatPe’s reputation or that of its hard-working employees and world-class technology. As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company,” the fintech firm said in a statement issued here.
BharatPe also claimed that the Grover family and their relatives had misappropriated a large amount of corporate cash.
“The Grover family and their relatives were engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company’s expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,” it said in the statement.
Grover’s wife, Madhuri Jain, was fired by the Board on February 24 for suspected financial mismanagement. The corporation also stated that it maintains the right to pursue Grover and his family in court if necessary.
“The Board remains highly focused on supporting the growth and continued success of the company. The Board is taking all necessary steps to further strengthen the company’s corporate governance, including the appointment of an audit committee, an internal auditor, and the implementation of other key internal controls,” the company said.
