The board of BharatPe has determined to terminate the services of Ashneer Grover, the company’s co-founder and managing director, two people familiar with the developments stated.
The choice is based totally on a preliminary inner investigation that has thrown up indicators of monetary fraud, the people said, inquiring for anonymity. The company has engaged a regulation firm and a risk advisory consultant to conduct a more specified investigation, the effects of which are predicted to take two months.
The company this week has also terminated the services of 15 employees, inclusive of Madhuri Jain, head of controls at BharatPe, who is married to Grover, one of the two people said. Jain helmed procurement, finance and human assets from the company’s early days.
Later BharatPe issued a statement denying that any employee was fired after rumours swirled on social media about Ashneer Grover’s exit from the company.
“The board of BharatPe has not terminated the services of any employee at this stage. Reports suggesting any termination are baseless and untrue,” a BharatPe spokesperson said in a statement on January 29.
“The Board remains committed to an independent and thorough audit process. No action has been taken or will be taken till the audit has been completed,” the spokesperson added.
According to Moneycontrol’s reports even Grover’s wife Madhuri Jain Grover, Head of Controls at the $3 billion fintech had also been sent on leave as scrutiny over the company’s practices grew.
