New Delhi/IBNS: Indian fintech company BharatPe announced on Monday (Sept. 30) that it had reached a settlement with its former co-founder Ashneer Grover, formally ending his association with the company.

According to an official statement, Grover will no longer have any role or shareholding in BharatPe.

As part of the agreement, some of Grover’s shares will be transferred to the Resilient Growth Trust, while the remainder will be overseen by his family trust.

Both parties have agreed to drop any ongoing or potential legal disputes.

Following the development, Ashneer Grover wrote in a X (formerly Twitter) post that he will continue to remain aligned with BharatPe's growth and
success, but will no longer be associated with the company in any capacity, nor be part of the capital table.

"My remaining shares will be managed by my Family Trust," Grover's X post read.

BharatPe, in a statement, expressed well wishes for Grover, emphasizing its commitment to providing top-tier solutions for merchants and customers while continuing its focus on growth and profitability.

This settlement comes after BharatPe accused Grover and his family of financial misconduct, alleging they caused losses amounting to Rs 81.3 crore.

The accusations included unauthorized payments to fake HR consultants, inflated vendor costs, fraudulent input tax credit transactions, illicit payments to travel agencies, and forged invoices, among other charges.

On Sept. 20, Delhi Police's Economic Offences Wing (EOW) arrested Deepak Gupta, Grover's brother-in-law, in connection with the case.

The FIR related to the Rs 81-crore fraud was lodged in May 2023, naming Gupta, Grover, and his wife, Madhuri Jain.

Gupta’s arrest was the second in the investigation, following the earlier detention of Amit Kumar Bansal, who was connected to fraudulent companies that received Rs 72 crore from BharatPe's directors between 2019 and 2021.

Ashneer Grover and Shashvat Nakrani founded BharatPe in April 2018.