Ashneer Grover Accuses BharatPe of Deliberate Fraud, Calls for RBI Investigation

In a startling development, Ashneer Grover, co-founder and former managing director of BharatPe, has accused the company of deliberate fraud against the Reserve Bank of India (RBI). Grover alleged that BharatPe had intentionally deceived the central bank by reinstating Bhavik Koladiya, a convicted individual, into the company’s ranks. In a letter addressed to RBI Governor Shaktikanta Das dated March 6, Grover urged the regulator to launch an investigation into the shareholding structure of BharatPe.

Grover’s letter specifically pointed out that BharatPe had allegedly deceived the central bank by reappointing Bhavik Koladiya, who was previously convicted of wire fraud in the US. Grover requested the RBI to scrutinize whether the company’s board and investors strategically held Koladiya’s shares for a designated period, only to reintegrate him after obtaining requisite approvals from the RBI.

Furthermore, Grover questioned whether Bhavik Koladiya’s involvement in BharatPe’s ownership structure during the time of license application would have influenced the RBI’s decision regarding BharatPe’s stake in Unity Small Finance Bank or its acquisition of a controlling interest in Liquiloans. Highlighting additional concerns, Grover revealed that in the fiscal year 2022-23, his fellow co-founder Shashvat Nakrani had transferred shares worth approximately ₹600 crore to Bhavik Koladiya.

In light of these allegations, Grover demanded severe repercussions from the RBI if BharatPe is found guilty. He called for the revocation of the company’s licenses and urged for a ban on the entire board of directors from holding any directorship or management position in RBI regulated entities. Furthermore, Grover proposed that venture firms associated with BharatPe should be blacklisted. It’s notable that Ashneer Grover resigned from BharatPe in March 2022.

This development raises significant questions about governance and regulatory compliance within BharatPe and calls for thorough investigation by the regulatory authorities.