In a significant ruling, the Delhi High Court has mandated BharatPe co-founder Ashneer Grover and his wife, Madhuri Jain Grover, to provide a security deposit of Rs 80 crore before their planned trip to the United States. Justice Subramonium Prasad issued this directive on May 24, requiring the security to be in the form of a property. The court has also ordered the couple to surrender their Emirates Card to prevent any potential travel to the United Arab Emirates (UAE), due to their possession of a “golden visa,” a 10-year residence permit granted to foreign nationals in the UAE.
The directive comes amidst ongoing fraud allegations against the Grovers. Despite these allegations, the court has granted permission for the couple to travel separately to the US for their children’s summer school. However, stringent conditions have been imposed to ensure their compliance and to mitigate any risk of flight.
Delhi Police’s Economic Offences Wing (EOW) is in charge of deciding the travel details. For this time duration, Reverals are expected to furnish the court and relevant investigators with comprehensive details of the places they intend to tour, reside at and number where they can be traced. Besides, there is a ban regarding disposal of BharatPe’s stake to other people.
Justice Prasad has stipulated that one of the spouses must remain in India while the other travels abroad, effectively acting as a “mortgage.” This unusual measure aims to ensure that the couple remains within the reach of Indian authorities. Ashneer Grover plans to travel to the US by May 26, and to be back by June 14, whilst Madhuri Jain intends to depart by June 15 and to return by July 1.
The court’s decision follows the EOW’s strong opposition to the couple’s travel request. The EOW cited concerns about their potential flight risk, the existence of overseas properties, and their lack of cooperation in the ongoing investigation. The investigation involves allegations of suspicious transactions amounting to crores of rupees, with the couple accused of defrauding BharatPe of Rs 81 crore.
In light of these concerns, a Look Out Circular (LOC) has been issued against the Grovers. This LOC makes it mandatory for them to seek court authorization before leaving the country. The Grovers are expected to maintain equal footing with the ongoing legal process while discharging their duties as parents in accordance with the current ruling.
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Ashneer Grover’s status as a co-founder at BharatPe, a leading Indian FinTech firm, intensified the interest around this case. The charges that have been made against him, as well as the court cases that followed, have made BharatPe’s reputation to dwindle, and put into question the nature of corporate management within contemporary startups in India.
The court has put strict measures in place to see that justice prevails and keep Grovers within India’s reach as investigation goes on. What happens with Grovers is just one further example highlighting how crucial accountability and transparency are if one wants their company to succeed within a rapidly changing and highly competitive financial technology space.
