In a significant escalation of the BharatPe fraud case, Deepak Gupta, brother-in-law of BharatPe co-founder Ashneer Grover, has been arrested by the Economic Offences Wing (EOW) of Delhi Police. Gupta, who served as the former Head of Procurement at Resilient Innovation, BharatPe’s parent company, was taken into custody on the evening of September 19, 2024, in connection with alleged financial misappropriation at the fintech company.
Who is Deepak Gupta, and Why Was He Arrested?
Deepak Gupta, who is married to the sister of Madhuri Grover (Ashneer Grover’s wife), served as the former Head of Procurement at Resilient Innovation, BharatPe’s parent company. According to sources, Gupta was arrested on the evening of September 19, 2024, and is currently being held at the Mandir Marg Police Station. He is expected to appear in court today, where the police will seek a remand for further investigation.
The arrest comes after BharatPe filed a criminal complaint in December 2022, accusing Ashneer Grover, Madhuri Grover, and their family members of siphoning company funds through fraudulent schemes between 2019 and 2021. The complaint specifically names Deepak Gupta, along with Ashneer’s father-in-law Suresh Jain, brother-in-law Shwetank Jain, and a key vendor, Amit Kumar Bansal, who was arrested earlier this year
Allegations Against the Grover Family
BharatPe has alleged that Grover and his family members used various illicit methods to siphon money from the company during Ashneer Grover’s tenure as Managing Director. These methods allegedly included:
- Inflating payments to vendors
- Making illegitimate payments to non-existent HR consultants
- Executing fabricated transactions to claim fraudulent input tax credits
- Making illegal payments to travel agencies
Deepak Gupta, in particular, is accused of coordinating with key vendors, including Amit Kumar Bansal, who was arrested earlier this year for his role in setting up non-existent firms that received inflated payments amounting to ₹72 crore from BharatPe.
A History of Controversy: The BharatPe-Grover Dispute
This is not the first time BharatPe and the Grover family have been embroiled in controversy. The fallout began in early 2022, when Ashneer Grover was asked to step down as MD following an internal audit that revealed financial irregularities. His wife, Madhuri Grover, who was serving as Head of Controls at BharatPe, was also fired around the same time.
In May 2023, the EOW formally registered an FIR against the Grover family, citing the criminal complaint filed by BharatPe. Deepak Gupta’s arrest marks a significant development in the case, as he is the first family member to be taken into custody in this high-profile investigation.
Public Opinion: What’s Next for BharatPe?
As BharatPe continues to expand in India’s competitive fintech market, the legal proceedings surrounding its former leadership cast a long shadow over its future. Despite the company’s growth, the allegations of fraud have raised concerns about corporate governance and transparency within startups.
What do you think? Will BharatPe’s future be impacted by these legal troubles? Can it still win public trust and push for a successful IPO? Share your thoughts in the comments!
