Delhi HC Returns Rs.80 Crore Security Deposit To Ashneer Grover

Ashneer Grover

The Delhi High Court has granted permission to BharatPe co-founder Ashneer Grover and his wife, Madhuri Jain Grover, to reclaim their security deposits upon their return to India from the US.

Justice Sanjeev Narula issued this order after their lawyer, Giriraj Subramanium, confirmed their presence in the country. Madhuri Jain, former HR director at the fintech firm, was present during the court proceedings.

Earlier in May, the court instructed Grover and Jain to deposit Rs 80 crore as security before traveling to the US. They secured this amount through a property and surrendered their Emirates Cards to prevent travel to the UAE, where they held “golden visas.”

Additionally, they were required to furnish all details about their stay, travel plans, and contact information to the court and investigators. They are accused of involvement in an Rs 81-crore fraud at BharatPe.

The court had allowed them to travel to the US separately for their children’s summer school, stipulating conditions set by the Economic Offences Wing (EOW). One of them was required to remain in India as a “mortgage” while the other traveled.

The EOW opposed their travel, citing their foreign properties and flight risk status. They noted that the investigation was at a critical stage and accused Madhuri Jain of non-cooperation. Suspicious transactions worth crores were also flagged during the investigation.

Due to a Look Out Circular issued against them, Grover and Jain cannot leave India without court permission. The EOW had requested the LOC.

In April, Ashneer Grover launched a new fintech app called ZeroPe, which offers medical loans up to Rs 5 lakhs through partnered hospitals. The app is part of Grover’s new company Third Unicorn, which also introduced the fantasy gaming platform CrickPe in 2023. The app is currently listed on Google Play as being in the testing phase.

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About the Author: Meera Verma