Indian fintech firm BharatPe has said that co-founder and angel investor in the company, Ashneer Grover, is no longer an employee, a founder, or a director of the company. BharatPe accused Grover and his family of misappropriating funds.
Ashneer Grover
Indian fintech firm BharatPe has removed Ashneer Grover from all positions in the company, including from his post of director on the board. BharatPe accused Ashneer Grover and his family of misappropriating company funds.
In a statement, the company said that Ashneer Grover submitted his resignation as soon as he heard that the firm’s internal records would be reviewed by independent external advisors.
“Ashneer Grover quickly shirked responsibility by sending an email to the Board submitting his resignation and fabricating another false narrative of the events to the public. The company has taken strong objection to Mr. Grover spinning lies and hurling baseless allegations and threats,” the statement read.
“The Grover family and their relatives 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 added.
“As a result of his misdeeds, Mr. Grover is no longer an employee, a founder, or a director of the company,” BharatPe said.
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BharatPe was founded in 2018 by Shashvat Nakrani and Bhavik Koladiya. Ashneer Grover, who was an angel investor in the company, became a co-founder.
Ashneer’s troubles started in January this year when an audio clip purported to feature him and a bank employee went viral. Ashneer Grover allegedly hurled abuses at the bank employee for failing to get an allotment of Nykaa’s IPO. Ashneer later claimed that the clip was fake and he was being blackmailed.
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