BharatPe Fires Madhuri Jain, Wife of Shark Tank’s Ashneer Grover on Financial Fraud Charges

In the most recent development, the BharatPe board has fired Ashneer Grover’s wife Madhuri Jain on grounds of’ misappropriation of funds.’ Jain has been in charge of the funds since 2018. The companies’ combined assets were evaluated at $2.8 billion. Alvarez & Marshal discovered the financial irregularities during their research.

According to the report, Jain utilized the funds for personal purchases, according to those familiar with the situation. However, the board has yet to get the final copy of the investigation. As per Sources, Jain was advised of his dismissal on February 23.

Jain wrote to the BharatPe board of directors on February 10 to say she never offered her resignation. This happened after her resignation was accepted by the board, according to reports. She claimed in the letter that she was being exploited as a ‘pawn’ in the company’s shareholder struggle. She also stated that it was against corporate governance guidelines.

Since January 19 and 20, Ashneer Grover and his wife Madhuri Jain have been on leave. Grover volunteered to resign from the board of directors in January as well. He also demanded that the business give him Rs 4,000 crore in compensation for his resignation. However, he quickly reversed his decision to resign.

Jain’s brother Shwetank Jain and brother-in-law Deepak Jagdishram Gupta may possibly be engaged in financial wrongdoing, according to the report. However, the BharatPe board has yet to issue a formal statement.

Source: Economic Times