As BharatPe saga takes dramatic twists and turns like an intense OTT streaming series, questions are now being raised whether Madhuri Jain, former head of controls at BharatPe, allegedly used the company funds for expensive foreign travel, skincare treatment and purchasing costly electronic items, among others.
Sources close to the development said that the ongoing governance review at the fintech platform, scheduled to be submitted this week, has found financial irregularities to the tune of over Rs 50 crore during the tenure of Madhuri Jain — — the wife of BharatPe Co-founder and Managing Director Ashneer Grover.
The company funds were allegedly used by Madhuri Jain for her personal use throughout her stay at the company, the sources added.
The governance review by Alvarez and Marsel (A&M), a leading management consultant and risk advisory firm, has reportedly found that Jain spent over Rs 1 crore on overseas travel.
The BharatPe board has also raised questions on the Grover couple allegedly purchasing properties worth Rs 20 crore in 2021.
Madhuri Jain got her undergraduate degree from NIFT Delhi and started her career with big fashion brands before joining BharatPe, with handling the Operations and Functionality department,
Grover and Shashvat Nakrani founded BharatPe in 2018 and Madhuri Jain joined as the head of operations.
While the decision on Grover fate in the company is yet to be decided, the fintech platform last week sacked his wife over alleged financial irregularities during her tenure.
She later escalated the battle against BharatPe via social media, posting questions over the board’s handling of the situation.
Madhuri Jain said law firms Shardul Amarchand Mangaldas and Alvarez & Marsel (A&M) did not present any documents regarding the governance review.
“@AMS_Shardul and A&M never presented a single document to me when I was called. They did not present any proof for me to address. Where is the concept of natural justice? I have learned of allegations from the media. A&M has not till date been able to explain how their report leaked,” she argued via Twitter.