BharatPe-linked firms used backdated invoices to siphon off funds
What's the story
The Delhi Police's Economic Offences Wing (EOW) has discovered evidence of fraudulent activity within fintech giant BharatPe, implicating co-founder Ashneer Grover and his family members. The investigation revealed that hiring agencies connected to Grover utilized backdated invoices to misappropriate funds for services they never provided to BharatPe. Additionally, the EOW was unable to locate several companies that had received vendor payments from BharatPe.
Details
Eight HR consultancy firms involved
Eight HR consultancy firms employed by BharatPe—Vardhaman Marketing, Impulse Marketing, Vista Services, Evolve Bizserve, Team Source, Team Works, True Work Co., and Vikash Enterprises—shared a common registered address with the accused family members and relatives. The first five firms submitted invoices containing bank account numbers that were not open at the time, suggesting the invoices were generated at a later date.
What Next?
Firms were established only for siphoning off funds
EOW's status report, submitted to the Delhi High Court, shed light on the alleged intentions behind these entities. "The firms were established and their bank accounts were opened only for the purpose of siphoning off funds and for causing wrongful gain to the alleged persons," mentioned EOW's status report, which was accessed by Mint.