BharatPe has sacked Madhuri Jain Grover, wife of the fintech firm's co-founder and managing director Ashneer Grover
Feb 23, 2022
"Reasons for termination are misappropriation of funds and authorisation of inflated bills, among other things," said one of the sources
Jain was called for an interaction by BharatPe's lawyers on Saturday to clarify these allegations
Ms Madhuri is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to the US and Duba
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Besides, she also allegedly paid her personal staff out of company accounts and produced fake invoices from known or friendly parties
Sources said action follows an external audit commissioned by BharatPe board to look into the conduct of Grovers.
Stock options vested with Ms Madhuri have also been cancelled and the alleged financial irregularities have been detailed in the termination letter.
Her husband was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices. He has denied all allegations.