Delhi High Court orders cancellation of LOC against Ashneer Grover and wife after BharatPe settlement

The Delhi High Court has ordered the Immigration Bureau to cancel the Look Out Circular (LOC) issued against former BharatPe managing director Ashneer Grover and his wife Madhuri Jain Grover.

A bench of Justice Sanjeev Narula took note of the submission that the FIR which formed the basis for issuing the LOC has been quashed based on the settlement between the parties.

“Accordingly, the present petitions are disposed of with directions to the respondents (authorities) to cancel the LOC against the petitioners in their records,” the order said.

After a long-drawn and dramatic court battle, BharatPe said in September this year that it had reached a settlement with its former co-founder Grover over the alleged misuse of rupee money by the fintech company with his family members. Was accused of. 88.67 crores.

The fintech company said that as part of the agreement, Grover will not be associated with BharatPe in any capacity nor will he have any share in the company's shareholding. It said both parties have decided not to pursue the filed cases further.

BharatPe had filed a criminal complaint in December 2022 against Grover, Madhuri Grover, Shwetank Jain (his brother), Suresh Jain (Grover's father-in-law) and Deepak Gupta (the couple's brother-in-law). It has been alleged that BharatPe founder and former director Grover, his wife and other officials were involved in criminal misappropriation of company funds on the basis of various fake documents. Accordingly, payments were made to non-existent vendors and HR consultancy firms, causing wrongful loss of approximately Rs 81 crore to the complainant company.

The Economic Offenses Wing (EOW) of Delhi Police has arrested Deepak Gupta in the case of misuse of company funds. Earlier, another accused in this case, Amit Bansal, was also arrested by EOW.

BharatPe had also approached the Delhi High Court, months after Grover and his wife were sacked from the company on charges of misappropriation of funds. In its 2,800-page suit, BharatPe claimed damages of Rs 88.67 crore from Grover, his wife and others for alleged fraud and misappropriation of funds.

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