Court sends Grover’s family to judicial custody

This comes five days after a Delhi court sent Deepak Gupta to five-day police custody for further investigation into his involvement in the case

Gupta, former BharatPe chief administrative and procurement officer, was produced before a court in Saket on September 25 after five days of police custody

Gupta’s arrest comes a month after the EoW arrested vendor Amit Kumar Bansal in connection with an alleged fraud of Rs 82 Cr in BharatPe

In the latest development in BharatPe A Delhi court has sent Deepak Gupta, brother-in-law of former managing director Ashneer Grover, to judicial custody for five days in connection with a fraud case.

Gupta, former BharatPe chief administrative and procurement officer, was produced before a court in Saket on Wednesday (September 25) after five days of police custody, ANI reported.

This comes days after the Economic Offences Branch (EOW) of the Delhi Police arrested Gupta for allegedly misappropriating funds from BharatPe. He was detained at Mandir Marg police station after a Delhi court granted police five days’ remand to Gupta for further investigation into his involvement in the case.

His arrest comes a month after the EOW arrested vendor Amit Kumar Bansal in connection with an alleged Rs 82 Cr fraud in BharatPe. Gupta allegedly instructed vendor Bansal, who was also arrested for his direct links with many vendors at the centre of the alleged fraud.

The arrests came after months of investigation and questioning of more than 50 witnesses by law enforcement.

The crux of the matter is the alleged misappropriation of funds worth Rs 82 Cr in BharatPe. In December 2022, the fintech giant had filed a criminal complaint against its former Managing Director and Co-founder Ashneer Grover, his wife and head of operations Madhuri Jain Grover, Shwetank Jain (Madhuri’s brother), Suresh Jain (Ashneer’s father-in-law) and Gupta.

The complaint accused the accused of misappropriating funds from BharatPe and allegedly making payments to fake HR consultancies.

Earlier this month, the EOW submitted a detailed status report and said that an internal investigation conducted by BharatPe had revealed numerous irregularities and violations of the law.

The report added that arrested accused Amit Bansal revealed that he and his deceased brother Ravi Bansal had set up seven companies at the behest of Madhuri Jain and Deepak Gupta and facilitated transactions worth crores of rupees.

The EOW then issued a circular keeping an eye on the husband-wife duo. The court then barred the couple from leaving the country without permission. However, in May this year, the Delhi HC granted the couple permission to travel abroad to the US and asked them to deposit a security deposit of INR 80 Cr.

Apart from this, Ashneer Grover is also battling multiple court cases. In November last year, BharatPe filed another civil suit in the Delhi High Court and sought INR 88.67 Cr in compensation from Ashneer and Madhuri.

Grover is also facing lawsuits over shares he holds for BharatPe founder Shashvat Nakrani and co-founder Bhavik Koladiya, both of which are the subject of two separate cases currently pending before the Delhi HC.