BharatPe has sacked Madhuri Jain Grover, wife of the fintech firm’s co-founder and managing director. The firm alleges financial discrepancies and has cancelled employee stock ownership plans (ESOPs) vested with her.
She is alleged of using company funds for personal expenses and trips to US and Dubai, sources directly involved in the matter said. They further added that she paid her personal staff out of the company accounts and produced fake invoices known for known or friendly parties. While an email sent to Ms Madhuri for comments remained unanswered, a company spokesperson confirmed the termination.
“As per your query, we can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement,” the spokesperson said.
Stock options vested with Ms Madhuri have also been cancelled, they said adding the alleged financial irregularities have been detailed in the termination letter.
Her husband was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices. He has denied all allegations.