BharatPe removes Ashneer Grover from all positions in the company

BharatPe has also identified involvement of Mr. Grover’s family and relatives in a large-scale embezzlement of the company’s funds

BharatPe has also identified involvement of Mr. Grover’s family and relatives in a large-scale embezzlement of the company’s funds

Fintech firm BharatPe announced on March 2 that it had removed co-founder Ashneer Grover from all positions at the company.

BharatPe has also identified involvement of Mr. Grover’s family and relatives in a large-scale embezzlement of the company’s funds.

“The Board will not allow the Grover family’s unfortunate behavior to tarnish the reputation of BharatPe or its hard-working employees and world-class technology. As a result of his misdeeds, Mr. Grover is no longer an employee, a founder or a director of the company,” BharatePe said in a statement Wednesday.

Mr. Grover resigned from his post as chief executive on Tuesday.

According to the statement, Mr. Grover’s family and relatives were involved in extensive misappropriation of company funds, including but not limited to creating fake vendors through which they siphoned money from the company’s account, and grossly misusing the company’s expense accounts in order to to enrich themselves and finance their lavish lifestyle, it said.

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