BharatPe has sacked its head of controls Madhuri Jain Grover, wife of the firm’s co-founder and managing director Ashneer Grover, for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad.
The fintech firm has also cancelled all the 244 unvested and 56 vested employee stock options (ESOPs).
As per reports, she also allegedly paid her personal staff out of company accounts and produced fake invoices from known or friendly parties.
A company spokesperson confirmed the termination but he did not provide any explanation or reason for it.
"……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.
Meanwhile, her husband, Ashneer Grover, 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.
