- ByStartupStory | March 9, 2024
Former BharatPe co-founder Ashneer Grover accused the company of fraudulent activities, alleging intentional deceit in involving Bhavik Koladiya, convicted of wire fraud in the US, back into the company’s cap table. In a letter to RBI Governor Shaktikanta Das, Grover questioned the company’s actions, suggesting deliberate manipulation during licence applications and stake approvals. He sought scrutiny into whether Koladiya’s shares were “warehoused” by the board and investors to bring him back after obtaining approvals.
Responding to Grover’s allegations, BharatPe dismissed them as baseless attempts to malign the company’s reputation. The company vowed to pursue civil and criminal action against Grover through various legal avenues, including the High Court and the Economic Offences Wing. BharatPe emphasized its commitment to governance, transparency, and building a sustainable business under the guidance of its stellar Board with Independent Directors led by Rajnish Kumar.
BharatPe, a joint-venture partner in Unity Small Finance Bank with the Centrum group, clarified its regulatory approvals for the payments aggregator business through its subsidiary Resilient Payments. The company highlighted its shareholding history, detailing changes in ownership after Grover’s entry and subsequent legal disputes.
In December 2022, BharatPe initiated legal actions against Grover, his wife, and relatives, seeking damages in a civil suit and filing a criminal complaint with the Delhi Police’s Economic Offences Wing. These actions underscore the company’s determination to address the allegations and protect its interests.
“We continue to pursue civil and criminal action against Grover at the Hon’ble High Court, Economic Offences Wing (EOW) and other relevant authorities and is committed towards taking them to their logical conclusion,” BharatPe stated in response to Grover’s accusations.
