Fintech platform BharatPe on Wednesday revealed for the first time that Ashneer Grover, his wife Madhuri Jain, and their relatives were engaged in extensive misappropriation of company funds and grossly abused company money to fund their lavish lifestyles.
In a statement, BharatPe said it reserves all rights to take further legal action against him and his family.
"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," BharatPe elaborated.
The company said that 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.
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"As a result of his misdeeds, (Ashneer) Grover is no longer an employee, a founder, or a director of the company," the company announced.
Ashneer Grover had sent an emotionally-charged resignation letter ahead of the crucial BharatPe board meeting as an independent PwC 'governance review' found him guilty of financial irregularities worth several crores along with his wife Madhuri Jain Grover.
According to sources, Grover's valuation does not hold ground as the company is not valued at $6 billion as being projected by him.
At a $2.85 billion valuation and at the current dollar-rupee exchange rate, his stake would be around Rs 1,824 crore.
(With IANS inputs)
