HomeTechnologyBharatPe founder Ashneer Grover siphoned off money, fintech startup says – TechCrunch

BharatPe founder Ashneer Grover siphoned off money, fintech startup says – TechCrunch

BharatPe co-founder Ashneer Grover engaged in “extensive misappropriation of company funds” and “siphoned [off] money,” the Indian fintech startup mentioned Wednesday, citing evaluate by unbiased advisors, the newest in a sequence of unusual and publicly performed out drama at one of many quickest rising corporations within the nation. The disclosure comes a day after Grover resigned from the startup’s board.

“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,” the startup mentioned Wednesday.

The Board of BharatPe, a three-year-old startup that helps tens of millions of retailers settle for cash digitally and offers them with credit score, directed a radical evaluate of the corporate’s inner controls in January this yr after receiving complaints, it mentioned.

Grover has maintained innocence in current weeks and in a televised interview on Tuesday threatened to make public “dirt” on traders and board members if the startup continues to harm its repute.

“The company has taken strong objection to Mr. Grover spinning lies and hurling baseless allegations and threats,” the startup mentioned Wednesday.

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