Shark Tank India's Ashneer Grover Demands 4000 Crores To Leave BharatPe After Getting Embroiled In His Company's Financial Issues
Shark Tank India’s Ashneer Grover Demands 4000 Crores To Leave BharatPe After Getting Embroiled In His Company’s Financial Issues ( Photo Credit – Ashneer Grover / Instagram )

Risk advisory firm, Alvarez and Marsal in their preliminary report reportedly revealed a whole lot of recruitment inconsistencies and also many ‘fake invoices’. Along with Shark Tank India’s Ashneer Grover being centre of the attraction due to recently leaked abusing audio controversy, BharatPe’s co-founder and Managing Director, Ashneer Grover’s wife Madhuri Jain, her brother, Shwetank Jain are also involved in the analysis shared in the report.

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On joining the dots, it’s stated that all the vendors in the alleged ‘fake invoices’ have a ‘Panipat connection’ as that’s the place where all of them are situated. This brings in Grover’s wife into the picture as the report also states that she hails from Panipat.

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The same report by Business Today also stated the cost of these fake invoices is Rs 10.97 crores, but the total expenditure displayed is Rs. 53.25 crores. It also noted that BharatPe hires employees paying recruitment fees to various consultants.

In the ongoing investigation, it was made clear that in 5 such sample cases employees denied being hired through the consultants, even after their joining dates were mentioned in the invoice. The report also further stated that in 3 of 5 such cases, it was Shark Tank India’s Ashneer Grover’s wife Madhuri Jain who received these invoices forwarding them to the accounts team for payments.

Alvarez and Marsal’s report also examined that these vendors were ‘sole proprietorships and not established companies’. The creator of these invoices is said to be Madhuri Jain’s brother Shwetank Jain.

This also led to the reports surfacing BharatPe to terminate Shark Tank India’s Ashneer Grover’s services as the CEO. He went on record in an interview with Money Control demanding 4000 crores for his reported 9.5% stake (at $6 Billion valuation) and said, “What have I done to resign? This is like execution before trial. I am the MD (managing director). I run the company. If the board thinks I don’t need to be the MD and someone else should run the company, please put my Rs 4,000 crore on the table and take the key away from me,”

Ashneer Grover also added, “If you want to buy me out you want to buy me out at the fair market value, right? In my view, the fair market value is $6 billion. Either I’ll run the company or they buy me out, there is no third option.”

Shark Tank India on Sony is Indian version of the US’  reality show Shark Tank with judges like Shaadi.com’s Anupam Mittal, Lenskart’s Peyush Bansal along with BharatPe’s Ashneer Grover & more who are the sharks investing in various business ideas throughout the show.

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