BharatPe Scam: fires co-founder's wife!!
Madhuri Jain, the wife of Ashneer Grover, co-founder of Fintech company BharatPe, was fired from the company due to a financial scam.
case of financial fraud
According to the report, a source said, “It seems that the investigators have reached a conclusion regarding their role in the alleged financial fraud. Therefore, the equity is being withdrawn from them under the provisions of the Articles of Association. However, no official response has been received from Jain and BharatPe yet.
case of financial fraud
According to the report, a source said, “It seems that the investigators have reached a conclusion regarding their role in the alleged financial fraud. Therefore, the equity is being withdrawn from them under the provisions of the Articles of Association. However, no official response has been received from Jain and BharatPe yet.
Madhuri Jain is working since 2018
According to the information, before this, Alvarez & Marsal had found cases of fraud at first sight in their investigation. In his report, two cases of fraud were mentioned in the three-year-old fintech firm.
One report was of irregularities in recruitment and the other was related to payment to vendors. It is being told that the scams shown in the report did not exist anywhere in the company.
Jain was involved in both these frauds. She was the head of procurement, administration and HR department of BharatPe since 2018.
Threat to the equity of the founding partner
The board will have to take into account the findings of the PwC to remove its founding partner. A report from any of the four major accounting firms matters for the removal of a founding partner under the rules of the company.
Under the rules, if a founding member or employee is removed, then according to the provision, the company can buy its equity at the current market value. madhuri Jain was sacked.
The company has dismissed madhuri Jain after the fraud cases were found. Let us inform that recently the name of madhuri Jain has appeared in the preliminary findings of the ongoing investigation by Alvarez & Marsal. It was found in this investigation report that Jain's name has been linked to financial irregularities in the startup.