Ashneer Grover’s Kin Linked To Alleged BharatPe Fraud Arrested

Over a month after Delhi Police’s Economic Offences Wing (EOW) arrested vendor Amit Kumar Bansal in connection to the alleged INR 82 Cr fraud at BharatPe, further investigation led to another breakthrough into the case, now landing the fintech unicorn’s cofounder Ashneer Grover’s kin in jail.

Deepak Gupta, brother-in-law of Grover, is accused of instructing vendor Bansal, who was recently arrested for his alleged association with a number of vendors at the centre of the alleged embezzlement of funds from the company.

The arrest follows months of investigation and questioning of over 50 witnesses. 

Gupta is currently being held at the Mandir Marg Police Station and will be presented before the chief judicial magistrate (CJM) at Saket Court, where the police will seek his remand. 

A district court in Delhi has granted the police 5 days’ custody of Gupta to further investigate his involvement in the case.

BharatPe filed a criminal complaint in December 2022 against five individuals: Ashneer Grover, Madhuri Grover, Shwetank Jain (Madhuri’s brother), Suresh Jain (Ashneer’s father-in-law), and Deepak Gupta (brother-in-law of Ashneer and his wife Madhuri). 

With Gupta’s recent arrest, questions arise as to whether the EOW will now move to apprehend Ashneer and other family members named in the ongoing investigation.

It is pertinent to note that the accused had approached the Delhi HC last year seeking protection from arrest, which was not granted. 

The case has now taken an interesting turn with Gupta’s arrest, as he is the first family member of Ashneer Grover and one of the five named accused in the FIR filed by the EOW in May 2023.

Earlier this week, the EOW submitted a detailed status report highlighting clear evidence of wrongdoing by the accused. 

According to the report, an internal investigation by BharatPe, following the resignation and removal of Ashneer Grover and Madhuri Jain, revealed multiple illegalities and irregularities. It added that Ashneer’s travel activities were not deemed critical, as he could attend events online. 

The investigation involving Ashneer and Madhuri is at a crucial stage, with both being summoned regularly. However, their responses have been evasive, and they are not cooperating, raising concerns of a potential flight risk. Although they claim to have been invited by INSA UK to speak at events, these events are not listed on INSA UK’s website, and they have previously received similar dubious invitations. 

The report also disclosed that Ashneer received INR 5 Lakh for an event in Doha through his company, M/s Ash Groe LLP, under the guise of “Tax Consulting Services,” without court permission to travel.

The status report further revealed that Amit Bansal, arrested in August, disclosed that he and his late brother Ravi Bansal established seven firms under the instructions of Madhuri Jain and Deepak Gupta, facilitating transactions amounting to crores.

The investigation is now at an advanced and critical stage.

For context, Ashneer was a cofounder at BharatPe, Madhuri was the head of controls, a role which encompassed overseeing the company’s finances and regulatory compliance.

In addition to the EOW case, BharatPe filed a civil suit in November last year with the Delhi High Court, seeking INR 88.67 Cr in damages from Ashneer and Madhuri.

It is pertinent to note that Ashneer is embattling a slew of legal cases against its founded company BharatPe.

He is also stuck in litigation over shares held by him for BharatPe founder Shashvat Nakrani and cofounder Bhavik Koladiya. Both are subject matters of two separate cases currently being heard by the Delhi HC.

Note: The story has been edited to reflect that accused Deepak Gupta has been remanded into police custody for 5 days.