BharatPe sacks Ashneer Grover’s wife for fake invoices, using company money for beauty treatment

Madhuri Grover Jain with BharatPe co-founder and husband Ashneer

BharatPe has sacked its head of controls Madhuri Jain Grover, wife of embattled co-founder Ashneer Grover, for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad.

While a company spokesperson confirmed the termination, sources with direct knowledge of the matter said BharatPe has cancelled all the 244 unvested and 56
vested employee stock options (ESOPs).

Madhuri Grover did not immediately respond to an email sent seeking her comments. She was last month sent on leave within days of her husband announcing a three-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices.

Ashneer Grover has denied all allegations. BharatPe engaged risk advisory firm Alvarez and Marsal to conduct a governance review.

Sources said that the review found that Madhuri Grover allegedly shared confidential information that was used by her father and brother to create and raise invoices on the company under the camouflage of certain third parties.

She is alleged to have billed the company for personal expenses including those towards ‘laser genesis and clearlift' face treatment in April 2021 as well as televisions (a LED TV and a Sony Bravia 65-inch) and a fridge for her residence.

"As per your query, we can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement," a BharatPe spokesperson said.

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