Fintech firm BharatPe on Wednesday said it has removed Co-Founder Ashneer Grover from all positions at the company. BharatPe has also found involvement of Grover family and relatives in extensive misappropriation of the company's funds.
"The board will not allow the deplorable conduct of the Grover family to tarnish BharatPe's reputation or that of its hard-working employees and world-class technology. As a result of his misdeeds, Grover is no longer an employee, a founder, or a director of the company," BharatPe said in a statement on Wednesday.
Grover resigned from the post of Managing Director on Tuesday.
According to the statement, the Grover family and their relatives were engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company's account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles, it said.
In an emotionally-charged letter addressed to the Board of Directors, Ashneer on Tuesday said that while they will not find a single act of impropriety against him, "I will not be participating in your charade".
"Since you clearly believe you can run this Company better without me -- I am leaving you with this challenge. Build incrementally even half of the value I created so far -- I am leaving you with three times the funds I've utilised till date," said Ashneer.
"I will continue as the single largest individual shareholder of the Company," he added.
(With inputs from agencies)
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