A court demanded a security of Rs 80 crore from Ashneer Grover for permission to travel to the US. This financial stipulation is part of the legal conditions imposed on his travel. The high security amount underscores the seriousness of the legal case. Grover’s compliance will be necessary to secure his travel permissions.
New Delhi: The Delhi High Court, On May 24, 2024, issued directives to Ashneer Grover, the co-founder of BharatPe, and his wife, Madhuri Jain Grover, the former HR director at the payments firm. The court has mandated them to furnish a security amounting to Rs 80 crore before they can travel to the United States (US).
The court ruled that the security must be provided in the form of a property. Additionally, the court instructed the couple to submit their Emirates Card with the court, preventing them from visiting the United Arab Emirates (UAE) due to their status as ‘golden visa’ holders. The golden visa is a 10-year residence permit that grants foreign nationals the privilege to reside, work, or study in the UAE.
Despite facing allegations of fraud, the court granted the Grovers permission to travel separately to the United States for their children’s summer school. Earlier, on May 22, the court had tasked the Economic Offences Wing (EOW) with outlining the conditions of their travel.
Furthermore, the court mandated that the couple must furnish details of their itinerary, including stay arrangements, hotel bookings, travel plans, and contact numbers, to both the court and the investigating agencies.
They have also been directed not to transfer any shares of BharatPe, which they hold, to third parties.
Justice Subramonium Prasad outlined that while one of the parties travels, the other will remain in India as a ‘mortgage’. Grover scheduled to depart for the US on May 26 and return on June 14, while Jain will undertake her journey on June 15 and return on July 1.
The Economic Offences Wing (EOW) opposed the Grovers’ travel request, citing concerns that the couple owned properties abroad and posed a flight risk.
The EOW stated that the investigation, particularly regarding Jain’s alleged lack of cooperation, at a critical juncture, with certain suspicious transactions coming to light.
Additionally, a Look Out Circular (LOC) has been issued against the Grovers at the request of the EOW, prohibiting them from leaving the country without prior court approval. The couple stands accused of committing a fraud amounting to Rs 81 crore at the fintech firm, BharatPe.
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The case involves allegations made by the fintech firm BharatPe against the Grover couple. BharatPe accused Ashneer Grover, the co-founder and former Managing Director of the company, and Madhuri Jain Grover, the former head of operations, of committing fraud amounting to nearly 81 crore Indian rupees.
The Grovers left BharatPe in early 2022, and in December 2022, the company filed a complaint against the couple. Subsequently, in May 2023, the Economic Offences Wing (EOW) of the Delhi Police registered an FIR (First Information Report) against the Grovers, alleging offences of cheating, criminal breach of trust, forgery, and criminal conspiracy under the Indian Penal Code.