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Delhi HC Allows Ashneer Grover To Retrieve Rs 80 Crore Security Deposit

The Delhi High Court has permitted BharatPe co-founder Ashneer Grover and his wife, Madhuri Jain Grover, to reclaim their security deposits after their return from the United States. Justice Sanjeev Narula issued this order following confirmation from the couple’s lawyer, Giriraj Subramanium, regarding their presence in India. Madhuri Jain, former HR director at the fintech […]

Delhi HC Allows Ashneer Grover To Retrieve Rs 80 Crore Security Deposit
Delhi HC Allows Ashneer Grover To Retrieve Rs 80 Crore Security Deposit

The Delhi High Court has permitted BharatPe co-founder Ashneer Grover and his wife, Madhuri Jain Grover, to reclaim their security deposits after their return from the United States. Justice Sanjeev Narula issued this order following confirmation from the couple’s lawyer, Giriraj Subramanium, regarding their presence in India. Madhuri Jain, former HR director at the fintech firm, was also present during the court proceedings.

Earlier in May, the court had directed Grover and Jain to deposit a hefty sum of Rs 80 crore as security before their travel to the US. This measure was intended to secure their presence in India amidst ongoing legal proceedings related to allegations of an Rs 81-crore fraud at BharatPe. The couple had to pledge property and surrender their Emirates Cards to prevent any potential travel to the UAE, where they hold “golden visas.” Additionally, they were required to provide detailed information about their travel plans, accommodations, and contact details to the court and investigators.

The court had granted permission for the Grover couple to travel to the US separately for their children’s summer school activities, with strict conditions set by the Economic Offences Wing (EOW). Justice Subramonium Prasad had mandated that one of them must remain in India as a form of mortgage while the other traveled abroad.

The EOW had initially objected to their travel, citing concerns that Grover and Jain owned properties abroad and posed a flight risk. They highlighted ongoing investigations into suspicious transactions amounting to crores and expressed dissatisfaction with Jain’s level of cooperation.

Currently, Ashneer Grover has re-entered the fintech sector with the launch of a new app called ZeroPe in April. ZeroPe, a product of his new venture Third Unicorn, offers medical loans up to Rs 5 lakhs in partnership with hospitals. Third Unicorn had previously introduced the fantasy gaming platform CrickPe in 2023. Although ZeroPe is still in its testing phase, it aims to provide innovative financial solutions in the healthcare sector.

Despite these developments, Grover and Jain remain under strict legal scrutiny, with a Look Out Circular (LOC) preventing them from leaving India without court permission. The legal proceedings continue to unfold, marking a pivotal phase in their ongoing legal battles and professional endeavors.

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Ashneer groverbharatpeTDGThe Daily Guardian