BharatPe confirms sacking Madhuri Jain

New Delhi: Full-stack fintech platform BharatPe on Wednesday confirmed it has terminated the services of Madhuri Jain Grover, the wife of its Co-founder and Managing Director Ashneer Grover, for alleged financial irregularities during her tenure.

The internal probe found misappropriation of funds during her time at the fintech platform. Madhuri Jain was head of controls at BharatPe.

"We can confirm that the services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement," the company said in a statement.

Quoting sources, IANS reports that Madhuri Jain's contract has been terminated and the reasons for this are "misappropriation of funds and authorisation of inflated bills during her tenure".

All eyes were now on the Grovers' next move.

Alvarez and Marsal, a leading management consultant and risk advisory firm, is set to submit its report into financial irregularities at the firm during Grovers' time soon.

Global audit firm PwC was also roped in auditing the functioning of the fintech platform during the Grovers' tenure.

The newly-appointed BharatPe CEO Suhail Sameer recently wrote a letter to disgruntled employees, saying that there are some "serious allegations" based on internal complaints which are being reviewed and they must keep their faith in the Board.

While many findings of governance review are "pretty standard", there are "a couple of more serious allegations", he wrote, saying the review is still "substantiating the allegations".

Sameer said that whatever the Board decides, it will be in the best interest of employees, merchants and consumers.

After BharatPe Co-founder and Managing Director Ashneer Grover, facing controversy for allegedly using inappropriate language against Kotak Mahindra Bank's staff, took voluntary leave till March-end, his wife Madhuri Jain also went on leave in January.