September 20, 2024
New Delhi, India
BharatPe
Deepak Gupta, a relative of Ashneer Grover, the former Managing Director and co-founder of BharatPe, has been arrested by the Economic Offences Wing (EOW) of Delhi Police. Gupta’s arrest is part of an ongoing investigation into the alleged ₹81 crore fund misappropriation from the fintech company.
Gupta, who is married to the sister of Madhuri Grover, was taken into custody late on September 19, 2024. He is set to be presented before the Chief Judicial Magistrate (CJM) at Saket Court today. This development follows the December 2022 complaint filed by BharatPe, which named several individuals, including Ashneer Grover, his wife Madhuri Grover, and other relatives, in connection with financial misconduct.
Background and Ongoing Investigation
BharatPe’s complaint led to the registration of a First Information Report (FIR) in May 2023 by the EOW, alleging that Ashneer Grover and his family caused financial losses of approximately ₹81.3 crore. The fraud involved:
- Fraudulent payments to fake HR consultants
- Inflated vendor payments linked to the accused
- Forged invoices for input-tax credit
- Illegal payments to travel agencies
The company also accused Shwetank Jain, Madhuri Grover’s brother, of forging invoices and destroying evidence.
In August 2024, the EOW made its first arrest, detaining Amit Kumar Bansal, who allegedly operated non-existent firms that received ₹72 crore in payments from BharatPe.
Legal Developments
In a separate legal development, the Delhi High Court recently allowed Ashneer Grover and his wife Madhuri Jain Grover to travel abroad. The couple challenged a Look Out Circular (LOC) issued by the EOW, which restricted their movement. The court permitted them to travel to the United Kingdom from September 28 to October 7 and to Doha from October 17 to 20, where Ashneer is scheduled to speak at events.
The investigation into the ₹81 crore fraud is ongoing, with more arrests expected as the case unfolds.
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