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BharatPe's head of controls Madhuri Jain Grover's services got terminated

The services of Madhuri Jain Grover, head of controls at BharatPe and wife of founder Ashneer Grover, were terminated by the company on allegations of misappropriation of funds, weeks after she was placed on leave.

"Her contract has been cancelled. Among the reasons for termination are misappropriation of funds and authorization of inflated bills "according to one of the sources According to another source, BharatPe's lawyers summoned Jain for an interview on Saturday to clarify these allegations.

However, inconsistencies in vendor dealings were discovered in a preliminary report conducted in January by risk advisory firm Alvarez and Marsal. The report had identified non-existent payments to vendors and consultants.

According to the report, BharatPe claims to pay hiring consultants fees for the employees they recruit for the company. Alvarez and Marsal could confirm that some of the alleged consultants-hired employees were brought on board.

However, the aforementioned employees later admitted that they had no interaction with any consultants during the process and were unaware of their existence.

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