The investigation by the Economic Offences Wing (EOW) into the alleged fraud at BharatPe has uncovered several unexplained payments made to fake HR consultancies. Former co-founder Ashneer Grover, his wife Madhuri Jain Grover and Madhuri Jain’s family members are accused of using backdated invoices to divert funds from BharatPe’s accounts for commission payments and embezzlement.
The EOW’s probe has identified transactions amounting to over Rs 81 crore. Bank transfers totaling over Rs 56 crore involving the Grovers and their family members have also been revealed. The EOW found that the HR consultancies created fake invoices using bank account numbers that were not open at the time. These consultancies were established solely to siphon funds from BharatPe.
Additionally, the registered addresses and ownership of these consultancies are linked to Jain’s family members. A GST penalty was paid by BharatPe for invoices to fake vendors, which the Grovers initially concealed. BharatPe has filed a civil suit seeking damages and an arbitration claim to recover shares allotted to Grover. The EOW’s investigation is still ongoing and they have opposed the petition to dismiss the case.
Source: EOW Status report, media reports
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