BharatPe Board Accuses Ashneer Grover Of Fraud In Company, Fires Him

A day after BharatPe co-founder Ashneer Grover resigned from BharatPe's board of directors the fintech company has said that Grover family and their relatives were engaged in 'extensive misappropriation' of company funds. In a statement BharatPe said, "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 account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles."

BharatPe on Wednesday said it has removed Co-Founder Ashneer Grover from all positions at the company.

"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. As a result of his misdeeds, Grover is no longer an employee, a founder, or a director of the company," BharatePe said in a statement on Wednesday.

In his resignation letter Grover said that he was forced to resign from the company by its investors.

Grover's resignation came a few days after he lost an arbitration that he had filed against the company's investigation against him, with an emergency arbitrator held that there was no ground to stop governance review at the firm.

Grover, who in January, went on a two-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company's investigation against him was illegal.