Fintech platform BharatPe has terminated the services of Madhuri Jain Grover, wife of the company’s co-founder and managing director Ashneer Grover, for suspected financial irregularities during her tenure.
During her stint at the fintech platform, an internal investigation discovered misappropriation of funds. Madhuri Jain was head of controls at BharatPe.
“We can confirm that the services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement,” the company said in a statement.
Reports said that Jain’s contract has been terminated because of “misappropriation of funds and authorisation of inflated bills during her tenure”.
All eyes were now on the next move of Ashneer Grover, who rose to fame as a “shark” in Shark Tank India reality TV show.
Alvarez and Marsal, a leading management consultant and risk advisory firm, is set to submit its report into financial irregularities at the firm during Grovers’ time soon.
Global audit firm PwC was also roped in auditing the functioning of the fintech platform during the Grovers’ tenure.
The newly-appointed BharatPe CEO Suhail Sameer recently wrote a letter to disgruntled employees, saying that there are some “serious allegations” based on internal complaints which are being reviewed and they must keep their faith in the board.
While many findings of governance review are “pretty standard”, there are “a couple of more serious allegations”, he wrote, saying the review is still “substantiating the allegations”.
Sameer said that whatever the board decides, it will be in the best interest of employees, merchants and consumers.
After BharatPe co-founder and managing director Ashneer Grover, facing a controversy for allegedly using inappropriate language against Kotak Mahindra Bank’s staff, took voluntary leave till March-end, his wife Madhuri Jain also went on leave in January.