'They Paid For Vacays, Skincare With Company Money': BharatPe Sues Ashneer Grover For ?88 Cr

'Yeh Doglapan Khatam Kyun Nahi Hota Hai?'

Here we go again with BharatPe and Ashneer Grover. Many people thought that the mercurial founder's planned biography (named Doglapan) would provide closure to the circumstances that led to his resignation and the termination of his wife and other staff earlier this year.

Unfortunately, it seems that the people in charge of BharatPe had other plans.

In the development of animosity between Ashneer Grover and BharatPe, the fintech firm has sought more than Rs 88.67 crore in damages from the former managing director, his wife — Madhuri Jain — and other family members.?

The fintech firm alleged that the Grover family created fictitious vendors from Panipat and did massive hiring while overcharging the company.

In a lawsuit filed yesterday against Ashneer Grover, his wife Madhuri Jain, and other family members, the fintech unicorn is asking for more than Rs 88 crore in damages for allegedly misusing company money.

In addition, the company has taken legal action against the Grovers by filing a criminal complaint with the Economic Offenses Wing on 17 counts, some of which include theft, forgery, and criminal breach of trust. If the Grovers are found guilty, they face a possible prison sentence of up to ten years.

In the 2,800-page civil suit BharatPe filed against the Grovers, it was said that they made up a network of fake invoices and used corporate money for personal use.

The other parties in the BharatPe lawsuit are Deepak Jagdishram Gupta, Madhuri Jain's brother-in-law, who worked as admin head and reported to Madhuri Jain. Read more here:?

1. Rs. 72 crores was paid to non-existent vendors.

According to BharatPe, Madhuri Jain, Ashneer Grover's wife and the former head of controls, payments were approved to third-party suppliers who didn't offer services or goods.

When the company claimed the input tax credit, the GST authority discovered these payments to 30 merchants, totaling Rs 72 crore. The tax office fined the corporation Rs 1.66 crore.

2. Recruitment services theft of Rs 7.6 crore

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According to the complaint, BharatPe recruits some workers via third-party contractors. According to the complaint, Jain paid Rs 7.6 crore to eight suppliers who did not help the company recruit employees.

Even though BharatPe hired Suhail Sameer directly, it was shown that he worked for the company through Vikas Enterprises.

The company also says that Jain and her family worked together to commit recruiting fraud and that all eight of the vendors are connected to them and to each other.

3. Grovers’ duplex rent, LED TVs, fridge?

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From September 2019 until January 2021, the Grovers resided at Panchsheel Park, a luxury South Delhi neighborhood, on business accounts. According to the claim, the Grover family lived in the duplex flat, which was previously a company guest house.

The family invited BharatPe staff to a Diwali party on the duplex's patio with "catered food, beverages, and decorations."

The corporation spent Rs 52 lakh on duplex rent and security deposits. (The Grovers reside in the same neighborhood but in a different apartment.)?The company also said that the Grover family used corporate money to buy LED TVs and refrigerators.

4. Interior designing of BharatPe office by Madhuri Jain’s own company

Renovating offices is necessary. When it's a new unicorn, even more. BharatPe's issue was Madhuri Jain's firm, which secured such contracts.

In its complaint, the corporation alleges that Jain granted these contracts to Mauve and Brown, her interior design firm (M&B). Before the company's board learned of the related party nature of these transactions, Mauve and Brown had been paid approximately Rs 48 lakh for their services. One vendor, 'M/s Annapurna Interior Decorators & Furnitures,' submitted backdated quotations as a subcontractor for M&B.

BharatPe is now asking for Rs 1.85 crore in M&B payments that were made without following internal rules by setting up fake bids.

5. Family trips and vacations on company funds

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BharatPe alleges that a Rajasthan-based travel agency invoiced Ashneer Grover and Madhuri Jain for international travel twice—once for the couple and once for their minor kids. The company says the couple took company money for trips with their family to Dubai and the US.

Jain also reportedly misused funds for family visas for a CXO trip to Dubai. BharatPe also claims that Jain demanded the firm pay for her family's (members who were unrelated to BharatPe) Mumbai-Delhi flights.

6. Madhuri reimbursed Skincare expenses.

BharatPe reported that Madhuri Jain obtained reimbursement for a Rs 22,500 skincare treatment in August. Her interior design business M&B raised the charge and subsequently claimed reimbursement, which she was not authorized to do.

7. One trip to Thailand, two bills— Double Bills Reimbursements?

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The Grovers allegedly misappropriated money by paying Golden Holidays, a travel agency vendor, for a Thailand booking. Golden Holidays provided no services. The company also paid another travel agency for identical arrangements and dates.

"The payment to Golden Holidays is evidently a double payment caused to be made by Defendants Nos. 1, 3, and 4 for the misappropriation of funds from the Plaintiff," the company said.

The Delhi High Court on Thursday issued a summons to Ashneer Grover, Madhuri Jain, and other family members on a plea moved by BharatPe against its former managing director.

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