Over a month after the Economic Offences Wing (EOW) of the Delhi Police apprehended Amit Kumar Bansal, a vendor involved in the alleged INR 82 Cr fraud at BharatPe, the investigation has taken a significant turn. Authorities have now arrested Deepak Gupta, a relative of BharatPe’s former cofounder Ashneer Grover, further deepening the case’s complexities.
Gupta, who is Grover’s brother-in-law, has been implicated in directing Bansal, previously arrested for his connection to vendors accused of embezzling company funds. This arrest comes after months of extensive investigation and testimony from over 50 witnesses.
Earlier this week, the EOW submitted a detailed status report outlining the evidence of misconduct by the suspects involved. According to this report, an internal investigation conducted by BharatPe after the exit of Grover and his wife, Madhuri Jain, uncovered multiple instances of unlawful activities. Among these findings, the report pointed out that Grover’s travel arrangements were unnecessary, as he could have participated in events virtually.
The probe, which also implicates Ashneer and Madhuri, is entering a decisive phase. Both have been summoned for questioning multiple times but are reportedly not cooperating fully, sparking concerns about the possibility of them fleeing the country. While they maintain they were invited to speak at events organized by INSA UK, there is no record of these events on INSA UK’s website, raising suspicion about the legitimacy of their claims.
Adding to the legal web, the report uncovered that Grover received INR 5 Lakh for an event in Doha through his firm, M/s Ash Groe LLP, under the pretense of providing “Tax Consulting Services,” without securing court approval for international travel.
Further details from the investigation reveal that Amit Bansal, who was arrested in August, disclosed that he, along with his deceased brother, Ravi Bansal, created seven companies at the direction of Madhuri Jain and Deepak Gupta. These firms allegedly facilitated large-scale fraudulent transactions. Gupta, currently held at Mandir Marg Police Station, will soon face the chief judicial magistrate at Saket Court, where the authorities are expected to request his remand.
In December 2022, BharatPe filed a criminal complaint naming five individuals: Ashneer Grover, Madhuri Grover, Shwetank Jain (Madhuri’s brother), Suresh Jain (Ashneer’s father-in-law), and Deepak Gupta. With Gupta now in custody, there is growing speculation that the EOW may soon move to arrest other family members, including Grover.
Notably, the accused had earlier approached the Delhi High Court seeking protection from arrest, but their request was denied. Gupta’s arrest marks the first detainment of a family member among the five accused in the FIR filed in May 2023, pushing the investigation to a critical juncture.
In addition to this criminal investigation, BharatPe has filed a civil lawsuit in the Delhi High Court, seeking INR 88.67 Cr in damages from Ashneer and Madhuri Grover. The fintech company alleges significant financial misconduct during their tenure.
Apart from these legal challenges, Grover is entangled in separate lawsuits involving shares held by BharatPe’s founder, Shashvat Nakrani, and cofounder Bhavik Koladiya. Both cases are currently under the purview of the Delhi High Court, adding more layers to Grover’s ongoing legal battles.
Ashneer Grover, who once played a pivotal role in shaping BharatPe, now finds himself at the center of multiple legal disputes that continue to intensify.
