High Court Rejects Stay Request in BharatPe Fraud Case Involving Ashneer Grover and Wife

The allegations against Ashneer Grover and Madhuri Jain Grover pertain to their tenure at BharatPe, with the fintech firm accusing them of involvement in a fraud amounting to ₹81 crores. The police have invoked various sections of the Indian Penal Code, including cheating, criminal breach of trust, forgery, and criminal conspiracy, in the FIR. The Grovers' legal counsel argued that the allegations were related to their authorized activities as directors of the company and did not disclose any criminality. They emphasized the couple's role in driving BharatPe's valuation to nearly ₹20,000 crores and pointed out that the company's annual report for 2021-2022 did not reflect any fraudulent activities.

The legal battle between the Grovers and BharatPe has been ongoing since their departure from the company. In addition to the FIR, BharatPe has filed a defamation suit against the Grovers in the Delhi High Court. The company accuses them of making defamatory statements against BharatPe, its co-founders, and the board. During the proceedings of the defamation suit, Grover informed the court that he had removed all alleged defamatory content from his social media accounts.

The Delhi High Court's decision to deny a stay on the investigation signifies that the court found no immediate grounds to halt the ongoing probe against Ashneer Grover and Madhuri Jain Grover. However, the court has allowed the Grovers to pursue alternative legal remedies, including filing for anticipatory bail. The court has scheduled further hearings on the matter for September 25. The case highlights the complex financial transactions and allegations of fund misappropriation, forging documents, and involvement in bogus transactions. The investigation will shed more light on the allegations, and both parties will have an opportunity to present their evidence and arguments before the court reaches a final decision.