Apt meme. Now he can tell this to his own brother😄🤣

Software Engineer

Cloud architect

Founder

So they're going to be finishing each other's sentences?

Deepak Gupta, Ashneer Grover's brotherinlaw, arrested for instructing vendor involved in BharatPe fraud.  Arrest follows months of investigation and questioning of over 50 witnesses.  BharatPe's in...

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- Deepak Gupta, Ashneer Grover's brother-in-law, arrested for instructing vendor involved in BharatPe fraud.
- Arrest follows months of investigation and questioning of over 50 witnesses.
- BharatPe's internal probe revealed multiple illegalities after Grover's resignation.
- Gupta's arrest raises questions about potential apprehension of other family members.
- Investigation at a critical stage with Grover and his wife Madhuri being evasive and uncooperative. 

 Source: [Inc42](https://inc42.com/buzz/fresh-development-in-bharatpe-case-now-ashneer-grovers-kin-linked-to-the-fraud-arrested/)

Ashneer Grover's Brother-in-Law Arrested in BharatPe Fraud Case

Journalist

Ashneer Grover's Brother-in-Law Arrested in BharatPe Fraud Case- Grapevine

Welcome to Office Gossip's Private Community

Anyone who actually knows what happened in the BharatPe / OTPLess case? It's rumoured that the guy stole data.

Did Bhavik Koladiya steal BharatPe's data?

- The Delhi Police’s Economic Offences Wing (EOW) has arrested Amit Kumar Bansal, a key vendor involved in the BharatPe fraud case.
- Bansal was arrested on August 6 and placed in six-day police custody by the court.
- BharatPe had filed a criminal complaint against Ashneer Grover and his family, alleging a fraud of INR 81.28 Cr.
- The EOW has named Madhuri Jain Grover and her husband Ashneer Grover as key accused, along with other family members.
- Bansal was identified through the email 'meet.bansal1983@gmail.com' and is currently under police remand at the EOW office in New Delhi. 

 Source: [Inc42](https://inc42.com/buzz/eow-arrests-vendor-linked-to-alleged-bharatpe-fraud/)

EOW Arrests Key Vendor Linked To Alleged BharatPe Fraud

- BharatPe and Ashneer Grover have reached a settlement after months of litigation involving allegations of fraud and dishonesty.
- Grover will transfer 2.5-3% of his 8.4% stake to the company and settle with former co-founder Bhavik Koladiya by returning 3.10% of his stake.
- The settlement was driven by the risk of Grover's wife, Madhuri, facing arrest, leading to significant loss of control for Grover.
- Both parties have agreed to drop their legal cases, and Grover will no longer be associated with BharatPe.
- The settlement clears the path for BharatPe to raise its next round of funding, providing legal certainty for potential investors.

Source: [The Arc](https://thearcweb.com/article/ashneer-grover-forfeits-bharatpe-shares-in-settlement-deal-ySenqwWhmWNUAP2y)

Ashneer Grover Settles with BharatPe, Forfeits Shares

I heard the BharatPe board has hired a new full time CEO. Does anyone know who?

Who’s the next BharatPe CEO?

Product Owner

Bharatpe saga continues

Software Developer

Welcome to Indian Startups's Private Community

Anyone knows what's happening there anymore? Somehow never heard a layoff, business impacts, etc. etc.

All BharatPe CXOs from Ashneer's time are now out of the company

Analyst

I've been reading quite deeply into the incidents at BharatPe, from whatever is out in the media, the book, and the legal stuff. It is very very baffling how things unfolded, and still unsure who was right, who was wrong.

Here are the facts:
1. How it starts: Ashneer and Shashvat started it in 2018, quickly became a key player in India's fintech sector. Their dynamic I hear has always been very unique because of the age gap. And there was a third founder.

2. Initial Controversy: In early 2022, the audio clip surfaced allegedly featuring Grover and his wife, Madhuri Jain, verbally abusing a Kotak Wealth Management employee. Grover initially claimed the clip was fake but later deleted his denial from social media. This was absolutely out of nowhere.

3. Financial Misconduct Allegations: Ashneer and his wife faced accusations of financial misconduct, including creating fake companies and back-dating invoices to embezzle funds. These allegations led to significant internal turmoil within BharatPe. From some GV posts, people claim this was true, and they have seen the fake receipts

4. Leadership Changes: Amidst the growing controversy, Ashneer took voluntary leave in January 2022. By March 2022, he was officially ousted from the company, and his ESOPs were canceled. Madhuri was also terminated from her senior role.

5. Further allegations: Reports of a toxic workplace culture under Grover's leadership emerged, raising broader questions about the ethical responsibilities of startup founders and investors.

6. Investor Feuds: All throughout Ashneer was completely bashful about investors on twitter. 

The company continues to run. There have been many major leadership exits. Idk how they got their licenses before any other startup, idk how they got the SBI chairman on their board. 

It is all very convoluted. Idk if anybody can add more. But who was in the wrong?

Conspiracy: Was Ashneer Grover really in the wrong?

Ashneer Grover statement on RBI vs Paytm

Is Ashneer Grover a douchebag? 😜

Welcome to Personal Finance's Private Community

RBI is a big bully, everybody knows that. RBI has bullied the likes of HDFC, ICICI and a lot of fintech startups. All it wants is that these folks are compliant with the rules.

RBI is one of the most stringent Central banks in the world. This also ensures a lot of financial stability in the country, sometimes overdoing the regulations.

Once you fix the systems and comply with RBI, business is back to usual. This has been the trend in all the notices that have been sent across to all the different companies. Paytm should be no different.

Paytm has a book value of 205. In case the stock hits a few more lower circuits, in the words of Ashneer Grover, it'll be a "Screaming buy".

Every good opportunity comes with a lot of risk. The primary risk here is that Paytm doesn't get its act straight and RBI at the end of February imposes the actions that are mentioned in the circular.
 Next line in such a case. Well the money is lost but if they fix the necessary things within time then it's going to be a jackpot.

Catching falling knives is never easy, and it's bound to hurt you, but hey, "Risk He Toh Ishq He".

Next lower circuit is ~487rs 
The one after it is ~390rs.

I think anything under 500 is great price without the RBI impact. If it hits the circuit tomorrow, I'll start buying on Monday. If it doesn't, well, salary is already credited, so it's time for some risky investment.

Going to buy Paytm Stock

Classplus is falling apart. The CTO, CBO and VP-Business have resigned from the company amidst rumours around financial irregularities. Classplus now joins a long list of Indian startups caught amidst fraud/financial irregularities allegations. Classplus was last valued $600Mn in their last funding round and counts Tiger Global, Falcon Edge, Peak XV (formerly Sequoia India) as their investors.

Classplus is going belly up. Big news to come out soon.

Project manager

Who is going to be your pick for our Education Minister, from all CEOs of Indian companies?

Product Manager

TLDR from article: 
- 5K+ investor-partners have not received their  instalments from Growpital
- The headcount has reduced from 100+ to less than five, the website is shut down
- Besides running the CIS scheme ‘illegally’, Growpital is also said to have fake projections 

But adding some more info:
- A friend had met Growpital when they were raising a round. Everywhere in the media, Vineet Gupta's name is mentioned. But Prashant Pitti was the pitching founder at the time.
- There was a report that one of the Tier 1 VCs had even funded them, but never came in the news, maybe deal fell through
- Now very conveniently, none of this is shared by media as context. Just strange.

Growpital (An Agri-Fintech startup) is under SEBI probe. But nowhere has the media caught that Prashant Pitti (EaseMyTrip) was the co-founder here. Lack of info, or paid off?

- Byju's auditor BDO (MSKA & Associates) has resigned, citing lack of transparency and pending legal issues.
- The resignation letter highlighted inadequate support from Byju's management in providing necessary audit information.
- Byju's co-founder Byju Raveendran called the resignation a blackmail tactic, claiming compliance with all auditor requests.
- BDO requested a forensic audit after Byju's admitted insolvency in July and mentioned loss of control over some subsidiaries.
- This marks the second auditor resignation in 15 months, following Deloitte's exit last year over delayed financial statements. 

 Source: [Entrackr](https://entrackr.com/2024/09/byjus-auditor-resigns-over-lack-of-transparency-founder-cries-foul/)

Byju's Auditor Resigns Amid Transparency Concerns; Founder Alleges Blackmail

An influencer who’s influencing thousands of young minds ;) 

https://www.livemint.com/companies/news/bharatpe-fraud-eow-spots-date-discrepancies-11699988297681.html

Doglapan in vendor payments

Going through the updates around founders fighting, do you think BharatPe would fail? Or is it too big to fail?

How big is BharatPe to fail?

I actually believe in a better India from the bottom of my heart where individuals who were not able to crack top tier colleges (IITS/IIMS/BITS) at a young age can still succeed in life on a comparable level, even when it comes to startup culture and raising funds.

Everyone of us has seen their seniors struggle to raise funds just because they are not from prestigious colleges even when they have supplementary skill sets and I personally would like to break that mindset and would like to be PARTIAL towards products if they are built by NON-PRESTIGIOUS college alumni.

I personally want to promote billions of dollars worth of businesses in India with alumni from every hardworking and smart working background and not just for the so called top colleges which only pushes unnecessary competition resulting in nothing but results equivalent to a lucky draw.

I am biased because I believe indians need it to feel secure for starting their own venture one day and everyone should try with confidence that their product will speak more than the founder's name.

Everyone deserves better

Ashneer Grover's Brother-in-Law Arrested in BharatPe Fraud Case

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