BharatPe Scam Controversy in details

We all know the Ashneer Grover from shark tank, for his rude behaviour he came into limelight. When HDFC Bank, in a web page titled ‘use of unparliamentary language by customers’ addressed customers’ rude behaviour towards staff, and gained kudos on social media.

HDFC Bank has – in a web page titled ‘use of unparliamentary language by customers’ – addressed customers’ rude behaviour towards bank staff, noting that staff would “go the extra mile to resolve customer issues” this may not always be possible due to “issues related to systems downtime, policy, compliance and so on”.

As because the HDFC didn’t sanction the loan of Ashneer Grover want to invest in Nayka IPO. He felt that because of HDFC he lost five hundred crore. On January 6, Grover claimed that the viral audio clip was “fake” adding that it was a “scamster” who put it out. The statement by Kotak now raises questions over Grover’s claims that the audio clip was fake. Legal case issue under his name by Kotak.

After that, corporate governance felt suspicious of  Ashneer Grover company BharatPe. The report, which was reviewed by the Business Today refers to the October, 2021 search conducted by the Directorate General of GST Intelligence (DGGI) at BharatPe’s head office and issued summons to the company’s authorised signatory to appear before the authority on November 1, 2021

Two things came out under investigation.

(1) Fake Invoice

The preliminary report by the risk advsiory firm, Alvarez and Marsal engaged by BharatPe has found inconsistencies with recruitment and fake invoices which involved BharatPe’s co-founder and Managing Director, Ashneer Grover’s wife Madhuri Jain, her brother, Shwetank Jain. Notably, the report mentions of a “Panipat connection” with all the vendors in the invoices generated stated to be from Panipat. Madhuri Jain, the report mentions, is also from Panipat.

The report stated that the fraud related to fake invoices cost the company Rs 10.97 crore, whereas as the total expenditure related to 30 vendors was shown as Rs 53.25 crore.

(2) Recruitment scam

The report noted that BharatPe recruits employees through various consultants who are paid the recruitment fees . The investigation found that in five such sample cases, although the employees confirmed their date of joining as mentioned in the invoice, they denied being hired through the consultants as mentioned in the invoice.

As per the report, in three such above cases, Ashneer Grover’s wife, Madhuri Jain had direcly received invoices from vendors and forwarded them to the account departments to make payments.

All vendor address and documents are fake and employee said that they are hire directly by BharatPe. So fake recruitment fees shown in a ledger in Bharatpe accounts.

Note: Turn out Ashneer Grover want a limelight by sharktank, but it goes against him. Before all this controversy he asked 4000cr to leave his company, but now he ready to leave his company at 750cr. 

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