BharatPe founder Ashneer Grover siphoned off money, fintech startup says – TechCrunch

BharatPe co-founder Ashneer Grover engaged in “extensive misappropriation of company funds” and “siphoned [off] money,” the Indian fintech startup said Wednesday, citing review by independent advisors, the latest in a series of strange and publicly played out drama at one of the fastest growing firms in the country. The disclosure comes a day after Grover resigned from the startup’s board.

“The Grover family and their relatives 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 expense account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,” the startup said Wednesday.

“The company has taken strong objection to Mr. Grover spinning lies and hurling baseless allegations and threats,” it added.

This is a developing story. More to follow…