BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were detained at the Indira Gandhi International Airport on Thursday due to a lookout circular (LoC) issued against them.
The couple was en route to New York when the LoC was opened at the request of the Economic Offence Wing (EoW) of the Delhi Police. The EoW had previously filed an FIR in June, accusing the couple and other family members of misappropriating funds, causing losses amounting to Rs 81 crore to Resilient Innovations Private Limited, the company behind BharatPe.
A Lookout Circular (LoC) is a directive used by authorities to ascertain if a traveling person is wanted by law enforcement. Issuance of an LoC prohibits the individual from leaving the country.
The EOW also alleged that certain human resource (HR) consultancies associated with BharatPe were set up with the intent of diverting funds. Initial investigation revealed that eight HR consultancies were linked to relatives of Madhuri Jain, the former head of controls at the fintech company and wife of co-founder Ashneer Grover, according to the EOW.Sources indicate that the couple has been summoned to appear for an EOW probe next week.
Zulfiquar Memon of MZM Legal, representing BharatPe, stated that the EOW’s recent status report filed in the Delhi HC presented evidence of embezzlement, justifying the issuance of an LoC against the accused.