BharatPe probe finds invoice discrepancies, vendor linkages to Grover’s family members

The Economic Offences Wing (EOW) of the Delhi Police, in a status report on its investigation into allegations of irregularities at BharatPe, has stated that at least eight human resources consultancy firms involved with the payments company for recruitment services had links to the relatives of Madhuri Jain – its former head of controls and the wife of cofounder Ashneer Grover.

Some of these firms, the EOW has claimed in the report, had been established to siphon off funds from the fintech company.

The registered addresses of these eight HR firms — Vardhman Marketing, Impulse Marketing, Vista Services, Evolve Bizserve, Team Source, Team Works, True Work Co and Vikash Enterprises — belong to family members or relatives of Jain, her father Suresh Jain and brother Shwetank Jain, the EOW said in the report filed with the Delhi High Court.


According to the agency, the dates and bank account numbers on the invoices raised by the first five firms indicated that the invoices were fake and backdated. “These firms were established, and their bank accounts were opened, only for the purpose of siphoning funds and for causing wrongful gain to the alleged persons,” said the report, which ET has seen.

Around Rs 7.6 crore had been credited into these eight accounts, with most of the money coming from BharatPe’s parent, Resilient Innovations, the report said.

In the case of three HR consultancies — Evolve Bizserve, True Work and Vikash Enterprises — the know-your-customer (KYC) bank documents had the email ID and phone numbers of Suresh Jain.

Due processes were not being followed with these consultancies, as done with other partner HR firms, the agency claimed.

According to the EOW report, Madhuri Jain would periodically obtain vital information about employees recruited by BharatPe through direct recruitment (such as industry recommendations, not involving HR consultants) and show that these hires were brought in by the alleged HR firms.

In 2020, she received Rs 1.5 crore from the bank accounts of the alleged proprietors of the eight firms, who initially received the money from BharatPe, the EOW claimed.

"The investigation of the case is at the initial stage and replies from various authorities are yet to be received and examined. Moreover, further course of the investigation is in progress on the allegations levelled by the complainant in the present case," said the EOW status report.

BharatPe declined to comment on the matter.

The Mint newspaper first reported on the EOW status report on Wednesday morning.

In May this year, the EOW of the Delhi Police registered a first information report against cofounder and former managing director Grover and members of his family over alleged irregularities at the startup when he was heading it.

The complaint, on which the FIR was registered, was filed by BharatPe’s parent company in 2022, accusing the Grovers of indulging in malpractices such as creating fake bills and enlisting fictitious vendors to provide services to the company.