BharatPe Sacks Madhuri Jain Grover For Using Company Cash For Beauty Regime

Madhuri Jain Grover, BharatPe’s head of controls, has been ousted for alleged financial irregularities, including creating fraudulent invoices and billing the company for personal beauty treatments and travels overseas.

Since October 2018, she has worked as the company’s financial manager. She is the wife of Ashneer Grover, the disputed co-founder of BharatPe. Madhuri Grover did not respond to an email requesting her comments instantly.

She was put on leave last month, just days after her husband announced a three-month leave of absence due to claims of abusive language hurled at Kotak Mahindra Bank employees and fraudulent conduct. All claims against Ashneer Grover have been dismissed.

Bharat Pe hired Alvarez and Marsal, a risk consultancy firm, to conduct a regulatory review.

According to sources, Madhuri Grover allegedly gave secret information that her father and brother utilized to construct and raise invoices on the firm under the guise of third parties.

She is accused of billing the firm for personal expenses in April 2021, including a ”laser genesis and clearlift” face procedure, as well as televisions (a LED TV and a Sony Bravia 65-inch) for her home.

Other charges against her include family members’ trips to the United States and Dubai being charged back to the firm, inflated marketing and branding product purchases, fraudulent quotes obtained from friendly parties, and primary and personal employee salaries being paid from the company. Authorities claimed that she had approved all of the bills.

What Did BharatPe Spokesperson Said?

We can confirm that Madhuri Jain Grover’s services have been terminated in compliance with the provisions of her employment agreement”” a Bharat Pe spokesperson stated.

On the other hand, the spokesperson did not provide any explanations for the layoff.

BharatPe has revoked all 244 unvested and 56 vested employee stock (ESOPs), according to insiders with detailed knowledge of the investigation.