New Delhi. Ashneer Grover, co-founder and former managing director of BharatPe and an Indian entrepreneur known for his contribution to the startup sector, has written a letter to the Reserve Bank of India (RBI) requesting an investigation into the company’s shareholding. Grover, in a letter addressed to RBI Governor Shaktikanta Das on March 6, alleged that BharatPe has knowingly engaged in fraudulent practices by re-appointing Bhavik Koladia at the fintech company. In his letter, Grover claimed that during the financial year 2022-23, co-founder Shashwat Nakrani transferred shares to Coladia, which had earlier faced prosecution in the US for wire fraud.
Grover also questioned whether Bhavik Coladia’s presence on BharatPe’s cap table during the license application might have influenced regulatory decisions, especially with respect to the 49 per cent stake in Unity Small Finance Bank and Liquiloans. According to The Economic Times, Grover also highlighted the share transfer of 11.7 per cent of Shashwat Nakrani, worth around Rs 600 crore, to Coladia in 2022-23, emphasizing Coladia’s prior indictment in the US for wire fraud in 2013.
Grover also demanded that if proven guilty, BharatPe’s licenses should be canceled and the entire board should be barred from holding any leadership role in RBI-regulated entities. Additionally, he calls for blacklisting venture firms associated with fintech companies. Before the letter to the RBI governor, Grover had also written a letter to the Economic Offenses Wing of Delhi Police, aimed at quashing the FIR accusing him of fraud, including the Deloitte audit report clearing any fraudulent activities. Was cited. Despite facing prior travel restrictions and a look-out circular issued on November 6 last year, Grover and his wife, Madhuri Jain, were not allowed to travel to London, where the couple was given guest lectures at the London School of Economics. Was invited as a speaker.
